China to reform fuel pricing system

China is considering a new fuel pricing scheme to reflect the volatility in global oil prices.

The country's top economic planner, the National Development and Reform Commission (NDRC) has realised that the current system had failed to reflect the global markets' oil price fluctuations.

Its head, Zhang Ping said the NDRC could adjust the domestic oil product prices, when the international benchmark changed by four per cent over a period of 22 consecutive working days.

Hence, the NDRC might be shorten the 22-working-day cycle and remove the four-per cent fluctuation limit, he added.