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With oil prices topping $130 a barrel mark this week, Sinopec and PetroChina shut down gas stations across the country.
"With oil prices just under the 50 dollars a barrel mark, there's every chance even more cuts are just around the corner.
Brent crude dipped below the $50 a barrel mark on Wednesday for the first time since the great recession in 2009.
Read more Meanwhile brent oil prices are down 5%, falling beneath the $30 per barrel mark, on the back of fears that Iranian oil would add to the global oversupply.
Oil prices have broken through the $50 per barrel mark for the first time in almost seven months after storage figures suggested that the glut in global crude supplies was easing.
"And if Brent crude were to move to the $40 a barrel mark, the prospect of some enterprising retailers selling fuel for £1 per litre will make a return," he said.
Similar(36)
Since last summer, prices have remained between $60 and $80 a barrel, marking a rare period of stability in an era of strong volatility.
book drive opened, we passed through the lobby of an office building where there was a barrel marked in big letters "Books for Men in the Armed Forces".
Rising oceans were not enough to make people question their devotion to the car, but with dwindling oil reserves seeing petrol prices nudge the $300-a-barrel mark, many are now abandoning their vehicles.
At the time, oil was selling for $54 a barrel; this year, futures have twice passed the $100-a-barrel mark, largely because of tensions between the United States and Iran.
Oil Prices Edge Towards $50-Per-Barrel Mark.
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