Home
News
In Focus
Business
Metro
Nation
World
Sports
Feature
Opinion
View more »Opinion Columns
Wan LixinOpinion deputy editor of Shanghai Daily
Restaurants get off to a quick start thanks to game-changing policies
High service charges on event ticket refunds call for further regulation
Sunday
- Subscribe
Related News
Fuel price seen stable and no rise at weekend
Source: Xinhua |
May 30, 2009, Saturday
|
Print Edition
Print Edition
CHINA'S fuel price will remain at the current level and will not be increased at the weekend, said an official from the National Development and Reform Commission.
The official, who declined to be named, said the country would not raise prices for gasoline and diesel during the three-day Dragon Boat Festival holiday, which started on Thursday.
But he said it is "hard to say" whether the price would be increased in June.
He made the remark in response to a rising expectation that China would raise the fuel price on Thursday as the crude oil price rebounded strongly in the past few months on global markets.
The price of crude topped US$63 per barrel on the New York Mercantile Exchange on Thursday. Light, sweet crude for July delivery rose US$1 a barrel to settle at US$63.45.
Some analysts had predicted that a possible increase in fuel price might be unveiled on Thursday, citing the country's new oil pricing mechanism, which was unveiled in early May.
The new pricing mechanism rules that domestic fuel prices would be adjusted when global crude prices report a daily fluctuation of more than 4 percent for 22 working days in a row.
Zhong Jian, a chief analyst with the oilgas.com Website, said although the global price rise has enabled the central government to increase domestic fuel price, it may delay the time line taking into consideration major fuel consumers such as transport and agricultural industries.
Dong Xiucheng, a professor at China University of Petroleum, echoed Zhong, saying the central government just plays the role of a rule maker, instead of a pricing maker. The crude price is calculated base on various factors, according to Dong.
The official, who declined to be named, said the country would not raise prices for gasoline and diesel during the three-day Dragon Boat Festival holiday, which started on Thursday.
But he said it is "hard to say" whether the price would be increased in June.
He made the remark in response to a rising expectation that China would raise the fuel price on Thursday as the crude oil price rebounded strongly in the past few months on global markets.
The price of crude topped US$63 per barrel on the New York Mercantile Exchange on Thursday. Light, sweet crude for July delivery rose US$1 a barrel to settle at US$63.45.
Some analysts had predicted that a possible increase in fuel price might be unveiled on Thursday, citing the country's new oil pricing mechanism, which was unveiled in early May.
The new pricing mechanism rules that domestic fuel prices would be adjusted when global crude prices report a daily fluctuation of more than 4 percent for 22 working days in a row.
Zhong Jian, a chief analyst with the oilgas.com Website, said although the global price rise has enabled the central government to increase domestic fuel price, it may delay the time line taking into consideration major fuel consumers such as transport and agricultural industries.
Dong Xiucheng, a professor at China University of Petroleum, echoed Zhong, saying the central government just plays the role of a rule maker, instead of a pricing maker. The crude price is calculated base on various factors, according to Dong.
- 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.
