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.

Share This Article With Planet Earth
del.icio.usdel.icio.us DiggDigg RedditReddit
YahooMyWebYahooMyWeb GoogleGoogle FacebookFacebook



Related Links
Powering The World in the 21st Century at Energy-Daily.com




Tempur-Pedic Mattress Comparison

Newsletters :: SpaceDaily Express :: SpaceWar Express :: TerraDaily Express :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News
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.

.
Get Our Free Newsletters Via Email
  



  • Analysis: Nigerian oil reserves drying up?
  • China to cut fuel prices from Friday: government
  • Obesity increases gasoline consumption
  • Angola president signs agreements with China

  • France's EDF to buy Constellation nuclear assets for 4.5 bln
  • French nuclear firm Areva says it will deliver uranium to India
  • Slovakia picks Czech CEZ as partner for nuke project
  • Norway's central bank wants to delay vote on Buffet's bid for Constellation

  • Greenhouse gas emissions study released
  • Research Into Fair-Weather Clouds Important In Climate Predictions
  • ESA Tests Laser To Measure Atmospheric Carbon Dioxide
  • Asia not responsible for 'brown haze': India

  • Real Christmas trees 'greener' than fakes
  • Ghana's 'miracle': logging underwater forests for exotic timber
  • Thwarting Efforts To Use Carbon Markets To Halt Deforestation
  • Climate change putting forests at risk

  • Purdue Study Suggests Warmer Temperatures Could Lead To A Boom In Corn Pests
  • Salt Water Irrigation: Study Shows It Works
  • Research The Key To Long-Term Gains For A Smarter Economy
  • Agriculture Out Of The CPRS But Not Out Of The Woods

  • US firms join forces to build lithium ion batteries for cars
  • Timing is perfect, but money woes plague electric car maker Think
  • Honda sets up hybrid battery venture despite slump
  • Troubled automaker GM opens new plant in China

  • Britain's environment minister concerned by Heathrow plan
  • Climate protesters cause chaos at British airport
  • Thompson Files: Protect U.S. aerospace
  • NASA studies pilot cognition

  • Nuclear Power In Space - Part 2
  • Nuclear Power In Space
  • Outside View: Nuclear future in space

  • The content herein, unless otherwise known to be public domain, are Copyright 1995-2007 - SpaceDaily.AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement