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China to cut fuel, diesel prices

(Xinhua)

16:20, October 08, 2011

BEIJING, Oct. 8 (Xinhua) -- China will reduce the retail prices for gasoline and diesel by 300 yuan (47.17 U.S. dollars) per tonne starting Oct. 9, the country's top economic planner said on Saturday.

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helen at 2011-10-08175.136.169.*
Many Chinese consumers seem to be too simplified in tallying instantaneous rises and falls of crude oil prices with their petrol pump prices not realising that there is a time gap between crude purchases and refined products. Consequently, complaints are abundant about Chinese refiners not being transparent.Beijing needs to cause Chinese refiners to explain to the consumers these factors. This should allay suspicions that Chinese refiners are overly greedy in their profits realisation.
  

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