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Oil price system 'reflects world changes more quickly'

(Xinhua)
Updated: 2009-03-26 20:39

BEIJING - China's new pricing mechanism for oil products, based on movements in international crude prices every 20 days, was used to calculate this week's fuel price hikes, Peng Sen, deputy head of the National Development and Reform Commission said Thursday.

Related readings:  China raises gasoline, diesel prices Gas price hike on cards

The commission is the country's top economic planner.

Under the pricing mechanism, China considers changing benchmark retail prices of oil products when the international crude price rises or falls by a daily average of 4 percent over 20 days, Peng said.

The mechanism means domestic prices reflect changes in the market more quickly and accurately, he said.