China to reform electricity, oil pricing mechanisms

China will reform the pricing mechanisms for electricity and refined oil products this year, an official with China's top economic planner said here Wednesday.

Peng Sen, deputy chief of the National Development and Reform Commission, said at a work conference that the country will initiate a tiered pricing system for household electricity consumption in the first half this year.

Peng also said that China will reform the pricing mechanism for refined oil products this year by reducing the price adjustment cycle and enhancing the transparency of the pricing mechanism.