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Gasoline and diesel prices reduced from Friday (2)

By Lan Lan (China Daily)

09:29, November 16, 2012

China's fixed-asset investment increased to 29.2 trillion yuan in the same 10-month period, a 20.7 percent rise from a year earlier.

The country's power consumption, too, grew 6.1 percent year-on-year in October, and mirrored similar increases in factory output, exports and auto sales, pointing toward general economic recovery.

Under the current Chinese pricing system, started in 2008, fuel prices may be adjusted when the average prices of Brent, Cinta and Dubai crudes move by more than 4 percent over 22 working days.

The 22-day moving average price of the three reference crudes had already passed 4 percent by Tuesday, according to Han Jingyuan, an analyst with JYD Online Co Ltd, a Beijing-based bulk commodity consultancy.

Apart from its slight delay this time, the government has strictly followed the mechanism in recent months, said Niu.

The price cuts will also help the country ease inflation, despite it being considered relatively low in recent months.

Global crude prices have declined to between $85 and $90 a barrel recently, owing to bleak global economic prospects in the United States and the eurozone.

Recently announced Q3 economic data from the US were better, but worries about a potential "fiscal cliff", referring to a series of upcoming government cost cuts and tax increases, continue to generate uncertainty in the market.

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