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Fuel Price Dip Follows Global Oil Trend
By Fu Chenghao |
July 29, 2009, Wednesday
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Print Edition
Print Edition
CHINA has lowered retail prices for motorists' fuel by 220 yuan (US$32.20) a ton, or about 3 percent, effective today.
It is the second cut this year and mirrors the retreat in international oil prices.
In Shanghai, the maximum retail gasoline price will decline 2.9 percent to 7,280 yuan a ton, while that for diesel will decrease 3.3 percent to 6,530 yuan, according to the National Development and Reform Commission.
Prices in different provinces vary.
At Shanghai pumps, the ceiling price declines to 5.35 yuan a liter from 5.51 yuan for 90-octane gasoline. Price for 93-octane gasoline - the most popular - drops to 5.81 yuan a liter from 5.99 yuan, and that for zero-grade diesel falls to 5.54 yuan a liter from 5.73 yuan.
The cuts were in line with market expectations.
The NDRC, China's top planning agency, said domestic fuel prices were still about US$7 a barrel behind global oil prices.
"The cut means the NDRC is considering how much the public can afford, and it also means the new pricing system has a flexible side," said Lin Boqiang, director of the China Center for Energy Economics Research at Xiamen University.
China introduced a new fuel-pricing mechanism in December 2008, under which fuel rates could be adjusted in line with prices in a basket of global crude oil benchmarks.
It is the second cut this year and mirrors the retreat in international oil prices.
In Shanghai, the maximum retail gasoline price will decline 2.9 percent to 7,280 yuan a ton, while that for diesel will decrease 3.3 percent to 6,530 yuan, according to the National Development and Reform Commission.
Prices in different provinces vary.
At Shanghai pumps, the ceiling price declines to 5.35 yuan a liter from 5.51 yuan for 90-octane gasoline. Price for 93-octane gasoline - the most popular - drops to 5.81 yuan a liter from 5.99 yuan, and that for zero-grade diesel falls to 5.54 yuan a liter from 5.73 yuan.
The cuts were in line with market expectations.
The NDRC, China's top planning agency, said domestic fuel prices were still about US$7 a barrel behind global oil prices.
"The cut means the NDRC is considering how much the public can afford, and it also means the new pricing system has a flexible side," said Lin Boqiang, director of the China Center for Energy Economics Research at Xiamen University.
China introduced a new fuel-pricing mechanism in December 2008, under which fuel rates could be adjusted in line with prices in a basket of global crude oil benchmarks.
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