China's Processed Oil Price Fell by 32.1USD/ton on 29th, July

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) August 5, 2009 -- www.shcri.com - On July 28th, 2008, China's Development and Reform Commission issued a notice of lowering processed oil price -- cut off 220 RMB/ ton (32.1 USD). The adjusted prices of gasoline and diesel were 6,510 RMB/ton (950.4 USD) and 5,770 RMB/ton (842.3 USD) respectively, equivalent to 0.16 RMB/L and 0.19 RMB/L from 0:00 on July 29th, 2009. This is the second price reduction of Chinese refined oil in 2009, and also the first reduction of refined oil price after the publication of the new price adjustment mechanism.

Market is the first to respond; in all parts of China, the wholesale price of refined oil has already dropped. Recently China's wholesale price of refined oil dropped continuously; therefore the market profit space of wholesale markets has been greatly compressed. The wholesale prices of refined oil throughout China have been diving sharply; the average decline was between 500-600 RMB / tons.

China Development and Reform Commission announced that after this price cut, the Chinese domestic refined oil prices remained more than 7 USD higher than international oil prices, and much lower than the three types of reference prices. However, many people questioned that on June 1st and June 29th, China National Development and Reform Commission twice raised the price of refined oil prices by about 6% and 9% respectively, while at this time the price-cut range is only 4%, which means that the decline rate of domestic refined oil prices cannot keep up with that of international oil prices. Therefore it cannot change people's questioning for "fast increase and slow decrease".
The Change Events of China's Refined Oil Price Since 2009:
★ on Jan 14th, gasoline and diesel prices de

Fuel tax     oil     price