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November 19, 2015

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Non-home natural gas price to be cut

CHINA’S top economic planner is slashing the price distributors pay to producers for non-residential natural gas.

From tomorrow, non-residential natural gas prices at city gate stations will be cut by 700 yuan (US$110) per 1,000 cubic meters, the National Development and Reform Commission said yesterday.

The NDRC said it would allow industry players to raise gas prices by 20 percent based on supply and demand from November 20, 2016, exactly a year after tomorrow’s cut.

This is the second natural gas price cut in 2015 after the NDRC lowered gate-station prices for newly added natural gas supply by 440 yuan per 1,000 cubic meters in April.

The move will cut costs for downstream industry players, promote fair market competition and stimulate the economy, said the NDRC.

It is estimated that the price cut will save downstream industries, including electricity generation, heating supply and the taxi industry, more than 43 billion yuan annually.

The price cut will also help reduce energy use and emissions, the NDRC hopes.

Statistics from the NDRC show that China’s natural gas consumption rose 5.6 percent year on year in 2014, a 10-year low. It continued to slump in the first half of this year, with a year-on-year growth rate of 2.1 percent.


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