China Gas Revamp Fuels PetroChina Rally as Distributors Battered

PetroChina Co. rallied the most in two years after regulators unveiled a new gas market policy that harmonizes prices for different users and is seen as an earnings boost for the nation’s biggest producer and importer of the fuel. Meanwhile, China Resources Gas Group Ltd., China Gas Holdings Ltd. and ENN Energy Holdings Ltd. slumped as the move is seen undercutting the profitability of the nations’ three largest firms that deliver the fuel to homes and businesses. China’s gas demand is booming, driving the country to become one of the world’s biggest importers, as President Xi Jinping’s government seeks to replace some coal use with the cleaner-burning fuel, part of broader efforts to roll back the country’s notorious pollution.