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Why is Luqing Petrochemical Oil Cheap?
The reason for this is the following:

Now Sinopec and PetroChina are basically in a similar monopoly position in China. Facing these two giants, Luqing Petrochemical can be said to have survived. In order to survive, Luqing Petrochemical can only seek survival opportunities through "price war" to ensure a certain customer base. Luqing Petrochemical Company is a large private enterprise with strict cost control. When the cost comes down, the oil price will naturally come down.