'Teapot' refineries stir up oil sector

A price war between China's State-owned oil majors has cut costs for motorists at gasoline stations in a move to combat overcapacity and the rise of "teapot" refineries.

The China Petroleum and Chemical Corp, or Sinopec, and PetroChina Co Ltd have become victims of an oversupply in crude oil and an increase in independent refineries known at "teapots".

But analysts dismissed claims that the country's booming bike-sharing sector, spearheaded by Mobike and Ofo Inc, have played a leading role in falling pump prices.