China shortens oil pricing period
Updated: 2013-03-26 19:26
(Xinhua)
|
|||||||||||
BEIJING - China will adjust prices of oil products every 10 working days to better reflect changes in the global oil markets, the National Development and Reform Commission (NDRC) announced on Tuesday.
Previously, domestic fuel prices were adjusted when crude oil prices in Brent, Dubai and Cinta changed by more than 4 percent over 22 working days.
The new pricing system also cancels the 4-percent floating band for oil price changes, the NDRC said at a press conference.
The old mechanism, which was introduced in 2009, has been criticized for failing to reflect oil price changes on the international markets.
The commission also announced cuts to the retail price of gasoline by 310 yuan ($49.43 ) per tonne and diesel by 300 yuan per tonne starting Wednesday.
The cuts, which were still made according to the old pricing system, marked the first of its kind in the year following a price rise on February 25.
The benchmark retail price of gasoline will be lowered by 0.23 yuan per liter and diesel by 0.26 yuan per liter.
The NDRC said that price adjustments under the new system may be suspended, postponed or downsized in special cases -- when there are sharp rises in domestic inflation, emergencies, or dramatic swings in global oil prices.
The government will appraise the operation of the system annually and make changes to improve it when necessary, the NDRC said.
Related:
China to reform oil pricing mechanism: development chiefOPEC oil price declines for second consecutive week
Oil prices at risk on Chinese slowdown: Moody's
Oil prices rise amid stimulus speculation
China moves again to curb edible oil price rise
Oil price
Related Stories
Beijing raises taxi fuel surcharge 2013-03-01 08:08
China raises gasoline, diesel prices 2013-02-25 06:44
PetroChina 2012 profits down, production up 2013-03-22 09:25
Today's Top News
Police continue manhunt for 2nd bombing suspect
H7N9 flu transmission studied
8% growth predicted for Q2
Nuke reactor gets foreign contract
First couple on Time's list of most influential
'Green' awareness levels drop in Beijing
Palace Museum spruces up
Trading channels 'need to broaden'
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Liaoning: China's oceangoing giant |
Poultry industry under pressure |
'Spring' in the air for NGOs? |
Boy set to drive Chinese golf |
Latest technology gets people talking |
Firms crave cyber connection |