(CCTV, Oct 19, 2006) - The National Development and Reform Commission says it will now use world crude oil prices to determine the cost of China's oil, instead of petroleum product prices.

The commission says this will help domestic oil prices respond faster to international changes. In the last two months, crude futures have fallen more than 20 percent to less than 60 dollars per barrel as demand was downgraded and supply worries eased. Consumers have complained that domestic prices have only followed price hikes and never dropped. Since the start of 2005, the price of domestic oil has risen six times.

Source:CCTV
tag:China energy oil