China cuts jet fuel price

China’s National Development and Reform Commission (NDRC), the country’s top economic planner, has lowered jet fuel price by about four percent, a move consistent with declining global crude oil prices, China Daily reported. The wholesale price of domestic jet fuel has been cut by 200 yuan (US$29.29) to 4,870 yuan (US$713.28) a ton, effective from October 11, the NDRC said in a statement on its website. The move will help domestic airlines cut fuel costs, which account for 40% of their total operating costs. Information from the Civil Aviation Administration of China showed that domestic airlines consumed 12 million tons of jet fuel in 2008. (October 13, 2009)