China is likely to reduce petrol and
diesel prices again as global crude prices continue their southern journey. Data
from JYD suggests that gasoline and diesel retail prices are likely to be cut
by between 290 yuan and 350 yuan per tonne.
Last week, light, sweet crude for
December delivery moved down $1.08 to settle at $81.01 a barrel at the New York
Mercantile Exchange, while December Brent crude dropped 70 cents to close at $86.83
a barrel.
The National Development and Reform
Commission (NDRC), China's top economic planner, has cut retail gas prices for
six times since the beginning of July, the last cut on Oct. 17.
China adopted a pricing regime last year that adjusts domestic fuel prices when international crude prices change by more than 50 yuan per tonne for 10 working days. This currently represents a change of around 1.15 dollars per barrel, depending on the grade of crude.
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