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China Petroleum & Chemical Corp, the nation's biggest oil refiner, reduced crude processing for this month by 8 percent from its original plan amid weaker fuel demand and a possible price cut, according to leading Shanghai commodity researcher C1 Energy.
The company's refining target will fall by about 1.5 million metric tons, Liao Kaishun, an analyst with C1 said on Wednesday.
China Petroleum, or Sinopec, also asked its refineries and sales units to shrink fuel stockpiles as the government may cut retail gasoline and diesel prices in July, said Liao.
Agencies - China Daily