Home>News Center>China

China may tweak oil price-setting formula
Updated: 2005-08-21 08:59

BEIJING, Aug 20 - (Reuters) China is considering a new method for setting domestic oil product prices that could lead to more frequent adjustments aimed at easing the sort of shortages that have hit the south of the country, a newspaper reported on Saturday.

China may tweak oil price-setting formula
Drivers queue up to buy petrol at a gas station in Dongguan in South China's Guangdong Province August 17, 2005. The fuel shortage affecting Guangdong is dragging on. [Feng Zhoufeng]
China has raised retail prices of diesel and gasoline three times this year, but the increases have fallen far short of the spike in global prices.

This has made it difficult for China's refiners to turn a profit and has encouraged them to boost exports at the expense of domestic sales. The result has been widespread shortages recently in the south, with drivers queueing for hours for petrol.

To tackle the problem, top planners at the energy policy-setting National Development and Reform Commission (NDRC) called in oil firm executives on Aug. 13 to discuss the future of its pricing system.

The China Business Post said the meeting discussed updating a formula that usually leads to price changes coming at least a month apart.

"According to sources, the reform measures are to gradually relax the power to set oil product prices, moving from a lagging set price to a real-time price by reducing the time span from a one-month tracking method to two weeks or even less," the paper said.

   上一页 1 2 3 下一页  

Fire kills 5 in Northeast China
Aerobatics show in Hunan
Final rehearsal
  Today's Top News     Top China News

Australia, US, Japan praise China for Asia engagement



Banker: China doing its best on flexible yuan



Hopes high for oil pipeline deal



Possibilities of bird flu outbreaks reduced



Milosevic buried after emotional farewell



China considers trade contracts in India


  EU likely to impose tax on imports of Chinese shoes
  Bankers confident about future growth
  Curtain to be raised on Year of Russia
  Coal output set to reach record high of 2.5b tons
  WTO: China should reconsider currency plan
  China: Military buildup 'transparent'
  Go to Another Section  
  Story Tools  
  Related Stories  
China raises gasoline, diesel prices
China raises oil price after yuan revalued
Strong RMB to have mixed effect on oil
Fire destroys oil platform off western Indian coast, 5 dead
Shanghai subsidizes taxi drivers as fuel prices soar
Fuel rationing to cope with shortage
Fuel rationing to cope with shortage
Petroleum mining sector profitable
Manufacturers, Exporters, Wholesalers - Global trade starts here.