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NDRC poised to increase fuel prices

(Global Times)

08:29, August 22, 2012

The moving average of a basket of international crude oil prices - Brent, Dubai and Cinta - is expected to exceed the 4 percent mark Wednesday, which means that conditions may be right for the National Development and Reform Commission (NDRC) to raise domestic oil prices on September 10.

Domestic refined oil prices could be raised by between 350 yuan ($54.95) to 400 yuan per ton based on previous price moves by the NDRC, say experts.

According to China's fuel pricing mechanism, the NDRC can adjust gasoline and diesel prices when average oil prices in the international market increase by more than 4 percent over a period of 22 working days.

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