The National Development and Reform Commission (NDRC) said on its website on Thursday that it will launch a new round of pricing reforms for refined oil products, the Securities Times reported Friday. The existing pricing mechanism was introduced on March 26 to bring domestic oil prices more in line with crude procurement costs. It automatically adjusts oil product prices every 10 working days, instead of 22 working days previously, keeping better pace with international crude price fluctuations. Since then, the NDRC has raised oil prices four times, and lowered and kept oil prices unchanged five times each. Crude oil imports to China totaled 210 million metric tons during the first nine months of 2013, a 5.4 percent increase over the previous year, the report said. The NDRC also said there were no changes to the fuel price during Thursday’s adjustment window, the report said.
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