China Expected to Cut Gas Prices in October

 China’s National Development and Reform Commission (NDRC) is planning to cut natural gas prices from October 1, according to Xinhua Finance Agency.

Specifics are still under discussion but the cut will be capped at 0.4 yuan/cubic meter, said Guo Xinjiang, a senior engineer of Sinopec Southwest Oil and Gasfield Company, the news agency reported Monday.

The official stated that factors such as exploitation cost and import cost of the upstream enterprises will be taken into account.

Considering all this, the price cut is not expected be significant, Xinhua Finance said.  

Earlier, this year, the NDRC announced that the wholesale price for existing users would be increased by 0.04 yuan per cubic meter, and new users would pay 0.44 yuan less starting on April 1.

After the adjustment, the price for both groups will be the same, and rise and fall in a uniform way.