China denies adjusting oil prices every ten days
Thursday, September 23, 2021 9:56 AM

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BEIJING, Sep. 23, 2010 (Xinhua News Agency) -- China has denied reports that it would adjust oil prices every ten days, rather than the current 22 straight working days, the Beijing News reported Thursday.

The newspaper cited an official with the National Development and Reform Commission, the country's top economic planning body, as saying "China has no plans to shorten the price adjustment period to ten days from 22 days."

The official also denied reports that oil companies would be allowed to decide oil prices.

Under the current pricing mechanism introduced in December 2008, the government may adjust fuel prices when international crude-oil costs change more than four percent over a period of 22 working days.

Analysts said the problem of the current pricing mechanism is that it cannot reflect supply and demand in the domestic market.

On top of international crude-oil costs, the mechanism should also take domestic oil supply and demand into consideration, said Liao Kaishun, an analyst with CBI China Co., a service provider on market intelligence and consulting.

 

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