2011-08-08 11:13:06.0China not yet ready to cut oil prices: NDRCoil products,
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BEIJING - The Chinese government will not lower oil prices for the time being,
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The remarks were made by the head of the pricing department of the National Development and Reform Commission (NDRC) in response to claims by the public that China's current domestic prices fail to reflect falling international crude oil prices.
Global oil prices plummeted recently on concerns that the negative impact of a prolonged US debt crisis and fears of a double-dip global recession will sap oil demand.
On August 4,
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China's current oil pricing system was introduced in May 2009. The system gives the NDRC the right to adjust domestic fuel, diesel and gas prices when average prices for Brent, Cinta,
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"Average prices in the three markets are still above the level of April 7,
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He said that although global oil prices registered steady increases within the month of May,
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China's refiners have long complained about rigid oil product prices and volatile crude prices creating uncertainties for their businesses. The government gives handsome subsidies to major refiners such as Sinopec and PetroChina in compensation for their annual losses,
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Oil prices have been increasingly sensitive recently as a result of the country's stubbornly high inflation rate. China's Consumer Price Index (CPI), a major gauge of inflation,
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China not yet ready to cut oil prices NDRC Econom
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