China to accelerate oil pricing reform

Sep 22, 2005 02:00 AM

China will speed up the reform of its refined oil pricing system to make domestic prices better reflect supply and demand.
Xu Dingming, head of the energy department of the National Development and Reform Commission (NDRC), was quoted as saying there are some problems with China's refined oil pricing system and the central government is speeding up the reform of the system. Xu said surging global oil prices have already had a negative impact on China's economic growth.

Currently, the NDRC reviews prices of refined oil products monthly based on price movements on international markets to decide if any adjustment is needed.
This means that adjustments usually lag global market price changes so that refined oil prices can be lower than crude oil prices on the domestic market.

In past months, China has seen supply shortages of certain refined oil products, especially in Guangdong province as refiners cut output.
China is scheduled to fully open its refined oil market by the end of 2006.

Source: PIN/AFX
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