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China not yet ready to cut oil product prices: NDRC

08-08-2011 11:06 BJT

BEIJING, Aug. 8 (Xinhua) -- The Chinese government will not lower the prices of oil products for the time being as conditions for a price cut have not been met, the nation's economic planning agency told Xinhua Monday.

The remarks were made by the head of the pricing department of the National Development and Reform Commission (NDRC), in response to public opinion that China's present domestic prices have failed to reflect the falling international crude oil prices.

China's current product oil pricing system was introduced in May 2009, which gives the NDRC the right to adjust domestic gas and diesel prices when the average crude oil prices on Brent, Cinta, and Dubai moves by 4 percent in 22 consecutive working days.

Editor:Wang Xiaomei |Source: Xinhua

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