China To Reconsider Oil Product Prices

China's reform of oil productprice shall be conducted in "two steps", said an expert.

The first step shall be taken to better price level in a bid to ensure a normal supply of oil products, and the second step is to fully open the price of oil on the basis of gradual improvement of oil circulation system and government supervision and administration policy and after achieving full competition on the market, and let the enterprises to have the price-making power in accordance with market condition at home and abroad.

Deng Yusong, head of the market economy research section of the Development Research Center of the State Council, made the remarks at the China petroleum market symposium held in Shanghai on Thursday.

China has taken gradual steps in marketization of oil product price by fixing two principles of pegging domestic price to that on international market, and stabilizing oil price on domestic market.