Since 2009, China's oil pricing system is one under which domestic fuel prices were adjusted when international crude oil prices changed by more than four percent over a period of 22 working days. But today, the government scrapped that four-percent trigger point, and more than halved the adjustment time.
Since 2009, China's oil pricing system is one under which domestic fuel prices were adjusted when international crude oil prices changed by more than four percent over a period of 22 working days. But today, the government scrapped that four-percent trigger point, and more than halved the adjustment time.
From Wednesday onwards, prices will be adjusted every 10 working days, regardless of fluctuations in the international crude market. The move aims at ensuring ample oil supply and curbing excessive fuel use in China. And Chinese car-owners also have something to look forwatd to. The country's top economic planner, the National Development and Reform Commission, also cut retail diesel and gasoline prices effective tomorrow Wednesday. The ceiling for retail gasoline prices have been reduced by 310 yuan per tonne, and diesel prices by 300 yuan.
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