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Petrol now returns to government price cap

FUEL companies raised pump prices last night in Shanghai, bringing most prices back to the government's ceiling.

The retail prices at Sinopec's 560 stations are 4.55 yuan (67 US cents) a liter for 90-octane gasoline, 4.95 yuan for 93-octane gas and 4.71 yuan for zero-grade diesel.

The new prices, which came into effect at 7pm, are in line with the price ceiling set by the government in mid-January, said Shen Xiangyang, deputy general manager of Sinopec's Shanghai sales branch.

Rival PetroChina also raised 90-octane gas price to 4.55 yuan a liter, 93-octane gas to 4.90 yuan and diesel to 4.66 yuan at 9pm yesterday at its local stations, according to employees at several stations.

Sinopec and PetroChina have engaged in a price war since late December as China introduced new pricing rules and crude costs fell.


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