Sinopec is set to lose US$150–300 million in fuel revenue by the end of 2026.

On October 27 the National Development and Reform Commission capped gasoline and diesel price increases at RMB345 and RMB335 per tonne, below the RMB440 and RMB420 allowed under its normal pricing formula. Previously, the formula passed rising crude costs on to consumers every ten working days. With Brent crude trading near US$115 a barrel, each cap now leaves refiners absorbing an extra RMB85–95 per tonne. Sinopec sold 118.9 million tonnes of fuel domestically in the first nine months of 2026, putting its estimated lost revenue at US$60–85 million per pricing round. With Brent crude trading near US$115 a barrel, the losses could equal 7–15% of Sinopec’s US$2.01 billion third-quarter net profit, slowing its refining profit growth in the fourth quarter.Sinopec is particularly exposed because it buys roughly 80% of its crude oil at market prices but sells refined fuel at government-controlled prices.