Energy News  

. China to cut fuel prices from Friday: government

Analysts have said China should take advantage of the ongoing slump in global oil prices to revamp its domestic pricing system that capped prices to keep inflation in check despite heavy losses to oil refiners.
by Staff Writers
Shanghai (AFP) Dec 18, 2008
China said it will cut gasoline and diesel prices by around 13 percent and 17 percent respectively from Friday as it works for a more market-oriented energy pricing system.

Gasoline prices will be reduced by 900 yuan to 5,580 yuan (860 dollars) per tonne, the National Development and Reform Commission said in a statement on its website Thursday.

Diesel prices will be cut by 1,100 yuan to 4,970 yuan per tonne while jet kerosene prices will be cut by 2,400 yuan, or nearly one third, to 5,050 yuan, the state economic planner said.

It said the move was taken in the light of "constant declines in international crude oil prices recently".

"The adjustment in fuel prices must reflect the change in international crude oil prices and the supply and demand in the domestic market as well," the statement said.

International crude futures prices are 70 percent off record highs of 147 dollars a barrel reached in July, as demand dries up in recession-hit industrialised nations.

China, which controlled domestic oil prices as the cost of petrol skyrocketed on global markets in recent years, last adjusted fuel prices in June.

Analysts have said China should take advantage of the ongoing slump in global oil prices to revamp its domestic pricing system that capped prices to keep inflation in check despite heavy losses to oil refiners.

The commission also confirmed its plan first announced in early December to increase the consumption tax across the board for oil products including gasoline and diesel, effective January 1.

The new prices announced Thursday had factored in the higher consumption tax rate, the commission said.

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Analysis: Brazil's new oil laws delayed
Miami (UPI) Dec 16, 2008
Brazilian lawmakers are preparing to reform the country's oil laws following several promising offshore discoveries, though the ratification of the new law likely will not take place until the new year, according to officials and experts.

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