Sinopec Falls to 10-Month Low on Report Diesel Prices May Be Cut

China Petroleum & Chemical Corp. (600028) fell to a 10-month low in New York after state-owned China Securities Journal said the country’s gasoline and diesel prices may be cut.

American depositary receipts of Sinopec, as China Petroleum is known, lost 1.9 percent to $85.31 at 1:40 p.m. in New York. Shares have declined 19 percent this year.

Gasoline and diesel prices may be reduced by about 400 yuan ($62.85) per ton on July 11, China Securities Journal reported yesterday, citing Xinhua oil price system data. Crude for August delivery fell 2.8 percent to $84.75 a barrel on the New York Mercantile Exchange. Oil has dropped 18 percent since March 30.

To contact the reporter on this story: Leon Lazaroff in New York llazaroff@bloomberg.net

To contact the editor responsible for this story: Tal Barak Harif at Tbarak@bloomberg.net