Sinopec ends fuel discounts

China Petroleum and Chemical Corp. (Sinopec) has stopped giving discounts for RON93 gasoline at its service stations in Shanghai, raising the price from 4.71 yuan (US$0.69) to 4.95 yuan (US$0.72) per liter. Sinopec’s decision to raise fuel prices is in line with the company’s intention to stabilize fuel prices in the Chinese market. (February 3, 2009)