Gulf Oil outlet shows China fulfilling promise to further open up economy

GULF OIL, an international oil company which opened its first gas station in Yuexiu district of Guangzhou on Sept 8, sold gas for 5.26 yuan ($0.76) a liter on the first day, compared with 7.56 yuan a liter nationwide. Thepaper.cn comments:

Many drivers waited in a long line at the station to get gas. And although the promotion lasted just one day, it has raised hopes that oil prices could be lowered in the country.

The entry of Gulf Oil into the Chinese market is a result of the further opening-up of China's gas retail sector.