Sinopec lowered ex-refinery prices of gasoline and gasoil prices by yuan (CNY) 420/tonne and CNY400/tonne, respectively, on 11 July, in line with the government's cut in retail ceiling prices, according to a company source.

The ex-refinery prices of GB II 90-Ron gasoline and zero pour point gasoil dropped to CNY7,900/tonne and CNY7,060/tonne, respectively.

For Sinopec's subsidiary refineries producing gasoline for export, the ex-refinery price of GB II 93-Ron gasoline declined to CNY8,374/tonne with tax inclusive (or $105.2/bbl with tax exclusive), down by CNY445/tonne or $6.9/bbl; the after-tax price of GB II zero pour point gasoil fell by CNY400/tonne or $7.3/bbl to CNY7,060/tonne (or $108.1/bbl with tax exclusive). These refineries include Maoming Petrochemical, Guangzhou Petrochemical, Hainan Refining & Chemical and Zhanjiang Dongxing Petrochemical.

In South China's Guangdong province, where GB III fuel is popular since 2010, ex-refinery price of GB III 90-Ron gasoline is CNY180/tonne higher than GB II grade, and that of GB III zero pour point gasoil is CNY160/tonne above GB II grade. In Guangzhou, where the use of GB IV oil products is spread from August 2010, ex-refinery price of GB IV gasoline is CNY380/tonne higher than GB II grade.

Yanshan Petrochemical pegged ex-refinery prices of GB IV gasoline and gasoil for supplying the Beijing market CNY380/tonne and CNY480/tonne higher than GB II grades.
In Shanghai, ex-refinery prices of GB IV gasoline and gasoil is CNY380/tonne and CNY450/tonne higher than GB II products.