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China oil price overhaul is more market driven

Posted on 27 March 2013

China will start a more flexible system for pricing domestic fuel from Wednesday - the first major revamp in four years - to help avoid shortages and tame consumption. The new scheme should reverse years of losses for China’s oil refiners, analysts said, by increasing the link with world crude prices and scrapping a rigid formula for altering prices for oil products, such as gasoline and diesel.
“This is a big milestone for the energy industry and big win for the refiners as the new scheme should lead to more market-driven prices, which will lead to improved profitability in the sector,” said Gordon Kwan, head of energy research at Mirae Aseet Securities in Hong Kong………………………………………..Full Article: Source


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