BLBG:China to Implement Oil-Pricing Reforms in 2011, Times Reports
China will implement additional reforms on the current oil-product pricing mechanism and introduce progressive power pricing for retail users this year, Securities Times reported, citing the National Development Reform Commission, without giving details.
The government introduced a mechanism in December 2008 that tracks global crude costs and allows the NDRC, the country’s top economic planner, to adjust fuel prices if oil fluctuates more than 4 percent over 22 days.
Li Pumin, the Beijing-based spokesman at the NDRC, declined to comment on the report when contacted by Bloomberg.
--Winnie Zhu. Editors: Ryan Woo.
To contact the reporter on this story: Winnie Zhu in Shanghai at wzhu4@bloomberg.net
To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net.
