Related News
Fuel Price Dip Follows Global Oil Trend
By Fu Chenghao |
July 29, 2009, Wednesday
|
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.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
