China to Start Oil Price System to Prevent Shortages and Control Consumption

Reuters reported that China will begin a more flexible pricing system for domestic fuel in order to prevent shortages and tame consumption to reverse years of losses for oil refiners in the country.

As quoted in the market news:

State oil companies like Sinopec Corp and PetroChina have suffered losses at their refining segments as domestic fuel prices often lagged the gains in costs of crude oil .

Click here to read the full Reuters report.