17 February 2019

China may cut refined oil prices by 80 yuan a ton, CNS says

The National Development and Reform Commission may announce on Friday a cut in the prices of refined oil products by 60-80 yuan (US$9.8-13.2) per ton or 4-7 fen per liter following recent changes in global crude oil prices, China News Service reported Thursday. The move, which will take place at the start of a new ten-day price adjustment window, comes as international markets expect US oil inventories to increase and global oil prices to continue trending downwards, it said. Under China’s new refined product pricing mechanism which was introduced on March 26, regulated oil product prices will be automatically adjusted every 10 working days in line with international crude price fluctuations.

– Contact HKEJ at [email protected]



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