The National Development and Reform Commission (NDRC), thecountry's top economic planning body, may cut oil product prices asearly as this week, analysts said yesterday. "International crude oil prices have continued to declinesince late March, which has opened a window for China to cut oilproduct prices. We expect that the NDRC will announce a price cuton Wednesday," Wang Jintao, an oil industry analyst atcommodity information provider Zibo Zhongyu Information TechnologyCo, told the Global Times yesterday. Wang said the NDRC may cut the retail prices of gasoline and dieselby between 260 and 300 yuan ($41 to $48) per ton. C1 Energy, a Guangzhou-based consulting firm focusing on the oilsector, also said yesterday that they think the NDRC will announcea cut in oil prices today or tomorrow, and that the retail pricesof gasoline and diesel are likely to be lowered by 200 to 300 yuanper ton. "By May 4, the weighted average price of Brent, Dubai andCinta crude oil had fallen by 3.61 percent from the average priceon March 19. It is highly possible that the oil price cut conditionwill be met on May 9," said a report released yesterday by C1Energy. Under the country's oil product pricing mechanism set by the NDRC,domestic gasoline and diesel prices will be adjusted when theinternational benchmark price rises or falls by 4 percent over aperiod of 22 working days. Cheng Ruifeng, an analyst at oil and gas information service firmShanghai Toprise Information & Technology Co, told the GlobalTimes that he also predicted a price drop this week. The NDRC last adjusted gasoline and diesel wholesale prices onMarch 20, raising them by 600 yuan per ton, in response to risinginternational prices. The raise pushed gasoline pump prices inBeijing to over 8 yuan per liter. Although the NDRC said the authorities would provide subsidies forpeople working in some industries heavily impacted by the hikes,such as public transportation, the move raised concerns aboutenergy inflation and its negative impact on the world's secondlargest economy, which is currently undergoing a slowdown. "Since the price increase, the sales of oil products ofrefining giants like Sinopec haven't performed very well in someareas, which is another factor indicating that it's time to cut theprices," said Wang. We are high quality suppliers, our products such as Tens Unit Stimulator , China Nerve and muscle stimulator for oversee buyer. To know more, please visits Tens Pain Relief.
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