China To Cut Fuel Prices June 9: C1 Energy
Published Friday, 08 June 2012 14:25 | Written by Amwal Al Ghad
China will cut gasoline and diesel prices June 9, energy consultancy C1 Energy said, citing sources from the country's two largest oil companies, PetroChina Co. PTR +0.89% and China Petroleum and Chemical Corp. SNP -0.20% .
C1 Energy estimates that China's National Development and Reform Commission, the country's top economic planner, will lower fuel prices by 620 yuan ($97.74) a ton. This would represent cuts of at least 6% from current benchmark gasoline and diesel prices.
However, C1 said the cuts could be less than 600 yuan ($94.59) a ton.
As of June 7, the value of China's crude basket had declined 9.34% since May 8, C1 Energy said.
The NDRC last adjusted gasoline and diesel prices May 10, cutting them by 330 yuan ($52.02) and 310 yuan ($48.87)a ton, respectively, in response to falling international oil prices.
Under China's oil product pricing system, domestic fuel prices may be adjusted when the moving average of a basket of international crudes changes more than 4% over a period of 22 business days.
The government hasn't always rigidly followed the formula, which was introduced in 2009.
This news has been reported by Market Watch.
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