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Chinese state oil giants take petrol price battle to the pumps

Reuters  |  LULIANG, China 

By Chen AizhuLULIANG, China (Reuters) - Chinese state oil giants Sinopec and PetroChina are waging war at the nation's gas pumps, slashing prices at unprecedented rates in an effort to reclaim sales lost to private local and foreign rivals in the $440 billion retail fuel market.The rare price war kicked off in late March as Sinopec reported first quarter retail sales had slid to a three-year low. Spurred by a glut of fuel, Sinopec started offering hefty discounts in response to ad-hoc but frequent promotions by independent petrol station operators.PetroChina swiftly joined in, triggering a ...

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First Published: Mon, June 19 2017. 09:34 IST