China’s NDRC to readjust product oil pricing mechanism

The National Development and Reform Commission (NDRC), China’s top economic planner, will re-adjust the current product oil pricing mechanism in 2010, according to the China National Radio (CNR). Zhou Wangjun, deputy director with NDRC’s Department of Price, was quoted as saying that the government would make the amendment sometime in 2010 to improve the flexibility and sensitivity of the mechanism to timely reflect fluctuation in international crude oil prices. The current oil price mechanism is currently on a trial stage. (January 29, 2010)