 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
China lowers gas prices for second time in a month: state media
Beijing (AFP) Jan 14, 2009 China will lower gas prices Wednesday for the second time in a four weeks as world crude hovers around 40 dollars a barrel, state press reported Wednesday. The government will cut its benchmark retail gasoline price by two percent and diesel prices will fall by 3.2 percent as of midnight Wednesday, Xinhua news agency reported. The cut was the first since China implemented a new pricing mechanism for processed oil on January 1, and the second drop since December 19, the report said. World oil prices were slightly higher in Asian trade Wednesday afternoon, with New York's main contract, light sweet crude for February delivery up 1.18 dollars to 38.96 dollars a barrel in afternoon trade. Brent North Sea crude for February delivery added 13 cents to 44.96 dollars. China implemented a new fuel tax system on January 1 that resulted in higher prices at the pump and allowed the government to adjust subsidies to state-run refiners. The two price cuts are seen as aimed at helping consumers absorb the fuel tax which increased gas prices at the pump by 1.0 yuan (14 cents) per litre. With the latest cut, prices are now expected to fall below five yuan per litre for 93 octane gas, the Beijing Morning Post said. The fuel tax is geared to allow domestic prices to move in line with the global market, ending years of troublesome price-setting by the government that has brought losses to listed state refiners such as PetroChina and Sinopec. The government in the past has had to issue generous subsidies to refiners to keep them operating and delivering fuel to consumers. Share This Article With Planet Earth
Related Links Powering The World in the 21st Century at Energy-Daily.com
Iran and China sign oilfield development contract
Tehran (AFP) Jan 14, 2009Iran and China on Wednesday signed a 1.76 billion dollar contract for the initial development of the North Azadegan oil field in western Iran, an Iranian oil ministry official said. |
|
|
| 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 |
del.icio.us
Digg
Reddit
YahooMyWeb
Google
Facebook