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Oil, Gas Pricing Regime to be Reassessed
2005-8-9 10:56:44
In the face of record-breaking crude oil prices, China's State Development and Reform Commission will hold a special meeting this coming weekend to discuss China's pricing system for crude oil and oil products.

Retail fuel prices have been hiked several times this year. It's been a tough issue for the government to balance the interests of oil companies and consumers.

Since 2000, the retail price of oil products in China has been set up based on the average price in New York, Rotterdam and Singapore. If the average price rises more than 8 percent, the Commission will readjust domestic prices accordingly.

There's always a time lag between domestic and international oil prices. A reform of the pricing system is expected to make the price more market-oriented.

However, it is also widely expected that it won't be a significant move, as any large fluctuation in fuel prices could have a negative impact on the national economy.

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