皇冠体育app

Petro皇冠体育app, 皇冠体育app's top oil producer and retailer, launched a new round of price cuts on retail gasoline in Beijing Sunday, a move that is expected to trigger fiercer competition in the sector.

Three Petro皇冠体育app gas stations in the city's downtown area and tens of others on the outskirt offered a discount ranging from 0.05 to 0.10 yuan per liter, depending on the location, reported the Beijing Times.

At a Petro皇冠体育app gas station in Yuegezhuang, a 0.10 yuan discount is available for both 93 and 97-octane gasoline from the original price of 4.90 and 5.22 yuan, respectively, reported the newspaper.

The new initiative followed the company's month-long promotion that ended Saturday. The gas stations under other firms, including a local entity of Royal Dutch Shell Plc, followed suit after Petro皇冠体育app's price cuts in March.

Other companies, including Sinopec which dominates the gasoline retail sector, chose to wait and see whether the offer was a short-term move or a long-term one.

In 皇冠体育app, retail gas prices are set by the State while allowing for an eight percent movement up or down from the limit. However, the oil companies seldom make the sale under the set prices due to a monopoly by Sinopec and Petro皇冠体育app.

But competition has been intensified as 皇冠体育app open its product oil market to the world. Several foreign competitors have expanded their presence in the Chinese market to stake out a place.

The price cut was seen as an attempt by Petro皇冠体育app to increase its market share as it lagged far behind Sinopec in retail business. Sinopec boasted of some 30,000 gas stations nationwide compared with 17,000 for Petro皇冠体育app.