China mulls three plans on fuel price cut | business | Hindustan Times
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China mulls three plans on fuel price cut

business Updated: Oct 31, 2008 12:01 IST
China mulls three plans on fuel price cut

Chinese policy makers have drafted and submitted three proposals calling for cuts of up to 1,000 yuan per tonne in domestic fuel prices, a non-official newspaper reported on Friday, citing unnamed sources.

The plans offer a range of suggested cuts in pump prices for diesel and gasoline, including a more modest 500 yuan per tonne, a middle option of 800 yuan per tonne and a top option of 1,000 yuan per tonne, according to the Information Times, a newspaper based in southern Guangdong province.

The move, which could cut prices at the pump by 0.4 to 0.9 yuan per litre, could possibly come before mid-November, according to the article, which cited an unnamed source.

"The three proposals have been submitted to relevant authorities for approval. I think the 800 yuan cut is more reasonable. Chances of a 1,000 yuan cut are not big," the newspaper quoted a source as saying.

Last week, officials told Reuters that state-owned companies had submitted a proposal to the National Development and Reform Commission (NDRC), calling for cuts to domestic fuel prices by undisclosed amounts.

The NDRC, which sets energy policy and regulates energy prices, could submit the initiative to the State Council for a final decision as soon as this week, one official said.