Petrochina Lowers June Daqing, Jidong Crude Prices by 7.8%

PetroChina reduced its June settlement price of Daqing and Jidong crude supplied to Sinopec by yuan (CNY) 496/tonne or 7.8% as compared with the previous month, a source from Sinopec said.

PetroChina’s June settlement price is at CNY5,858/tonne, inclusive of tax on a FOB (free on board) basis, according to the source.

The June prices of other crude supplied to Sinopec are largely down by CNY450-530/tonne from May, the source said.

PetroChina’s June settlement price of Daqing crude supplied to its subsidiary refineries is also down by CNY496/tonne to CNY5,858/tonne, inclusive of tax on a FOB basis, a source from the state-owned petrochemical giant said.

PetroChina cut its prices because of drops in international crude prices in May, the source added.