Shares of mainland oil stocks fell yesterday ahead of a reduction in retail petrol and diesel prices.

The decline marks the first cut in fuel prices since October.

ree Trial  Petrol prices will be slashed by 330 yuan (HK$406) per tonne to 8,850 yuan, while the price of diesel will drop 310 yuan per tonne to 8,020 yuan, the National Development and Reform Commission said yesterday. Both cuts are a 3.6 percent reduction from their present levels.

The cut will further pressure the already-loss-making refinery businesses of major oil players such as PetroChina (0857) and China Petroleum and Chemical Corp (0386), or Sinopec. PetroChina shed 1.3 percent to HK$10.74 yesterday, while Sinopec slid by 0.4 percent to HK$7.87.