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Fuel prices set to be cut tomorrow
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ANALYSTS believe China may cut the fuel prices midnight today in response to a drop in global crude oil prices.
The moving average of a basket of crude oil prices, to which China’s fuel prices are pegged, dropped 3.23 percent as of Thursday, due to the latest fuel price adjustment, according to Xinhua’s latest oil industry report.
The downward adjustment of the fuel price may surpass 200 yuan (US$32) per ton, according to the report.
“We expect the downward adjustment of refined oil prices to be between 190 yuan and 210 yuan per ton, which will be the second-biggest drop since China introduced its new oil price mechanism,” said Zhang Bin, an industry analyst.
The National Development and Reform Commission introduced a new oil price mechanism in March to promote market-oriented pricing for energy and help the country better use overseas resources to ensure domestic oil supplies.
Under the current mechanism, benchmark prices of gasoline and diesel will be adjusted every 10 working days, except when the change is less than 50 yuan per ton.
Forecasts showed that the retail price of diesel and gasoline will drop following fuel price adjustments.
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