The plunge in crude presents China with an opportunity to end control over retail fuel pricing. Fearful of slowing growth, China has pledged to give markets a decisive role in its economy. The drop in oil is a test whether the country will follow through on Premier Li Keqiang’s promise by giving PetroChina Co. (857) and China Petroleum & Chemical Corp., or Sinopec, the freedom to set prices. The companies are mandated by the state to keep retail fuel prices low. As in India and Malaysia , where governments have ended price controls, that dynamic has now changed with the slide in oil. The move will represent a longer-term gain for China’s oil producers and refiners, even as they contend with the immediate pain of lower prices eroding the value of their production and inventories. “Key reform like this cannot happen during high crude prices, as the government has […]