Earnings results announced Wednesday by major Chinese oil companies were in line with expectations, with industry leader PetroChina's first-half net profit falling 34.5 percent amid rising losses in its refining business.

PetroChina Co Ltd <0857.HK> <PTR.N> <601857.SS>, Asia's top oil and gas producer, posted a disappointing 38 percent dive in quarterly earnings after refining losses and windfall taxes dented gains from soaring crude prices.

China hiked retail gasoline and diesel prices by up to 18%, sending oil prices tumbling as Beijing moves to temper demand at the risk of stoking domestic angst over skyrocketing inflation.

China hiked retail gasoline and diesel prices by up to 18%, sending oil prices tumbling as Beijing moves to temper demand at the risk of stoking domestic angst over skyrocketing inflation.

Shares in Sinopec slid 5 percent on Monday after Asia's top oil refiner posted a sharper-than-forecast dive in quarterly earnings, while analysts expect lofty crude prices to keep eroding margins.

Shares in PetroChina dived more than 8% on Thursday after its half-year results disappointed investors, but analysts expect Beijing to raise fuel prices in coming months to help mitigate refining losses in the country's oil sector.