Date
22 November 2017

NDRC tipped to cut refined oil product prices, website reports

The National Development and Reform Commission (NDRC) is widely expected to lower prices for refined oil products by around 70 yuan (US$11.57 ) per metric ton on January 10 after five successive days of falls in international crude oil prices, Tencent’s qq.com reported Wednesday. The NDRC introduced a new refined product pricing mechanism in March 2013 to bring domestic gasoline and gasoil prices more in line with crude procurement costs. The system adjusts oil product prices every 10 working days to reflect international crude price fluctuations, unless the resulting price change is less than 50 yuan per metric ton, the report said.

– Contact HKEJ at [email protected]

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