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China sets price limits for petrol

China set a floor and ceiling price for its petrol price adjustment mechanism on Wednesday. It is the first time the country has set a lower limit for its domestic petroleum price, at $40 per barrel. The National Development and Reform Commission, the country's economic planning body, said China would not lower its domestic petrol price when the international oil price falls below $40 per barrel.

The international oil price fell to $31 per barrel on Friday, its lowest in 12 years. According to the new policy, there has been a reduction of about 0.1 yuan (less than 2 cents) for standard gasoline and 0.11 yuan for standard diesel in China since Thursday. The commission also set a ceiling price of $130 per barrel.

The NDRC said the move is to protect the nation's energy security, reduce air pollution and promote the use of resource conservation.

Beijing nets record vehicle ownership

Vehicle ownership in Beijing reached a record of 5.61 million at the end of 2015, and the annual pollution from vehicle emissions reached 700,000 metric tons, the city's traffic management bureau said last week.

According to the bureau, the carbon monoxide emissions from vehicles accounts for 86 percent of total carbon monoxide pollution discharges in Beijing.

The nitrous oxide emissions from local vehicles accounts for 56 percent of the city's total nitrous oxides discharge. Hydrocarbon emissions from local vehicles make up 32 percent of Beijing's total hydrocarbons emissions.

VW vows to remedy emissions scandal

Volkswagen AG Chief Executive Officer Matthias M��ller held a crucial meeting on Wednesday with US regulators to discuss ways out of the company's emissions-cheating crisis, a day after the California Air Resources Board rejected VW's initial proposed fix.

California spurned the automaker's December recommendation on how to fix its 2-liter diesel engines as "incomplete". VW said it will present a reworked plan to the US Environmental Protection Agency at the meeting in Washington.

Europe's largest automaker is in the midst of complex technical talks with the California board and counterparts at the EPA about how to repair about 480,000 diesel cars. The EPA said on Tuesday that VW's plan cannot be approved. Volkswagen set aside 6.7 billion euros ($7.3 billion) in the third quarter to help pay for the crisis but has acknowledged that amount will not be enough.

Audi confident despite sales dip

Audi sold 570,889 vehicles in China last year, a decrease of 1.4 percent year-on-year, the company said last week.

Globally, it recorded growth of 3.6 percent year-on-year with sales of 1,803,250 vehicles, about 300,000 more than its sales goal of 1.5 million units. The company said it will launch a dozen new models this year in the Chinese market to stimulate sales. Audi said it believes it is the most popular premium vehicle brand in China, despite negative sales growth. It currently occupies about one-third of China's premium vehicle sales figures.

Locally produced vehicles account for 90 percent of Audi's total sales in China. The automaker has achieved sales increases in other major markets, including Europe and South America.

Motoring - Agencies

(China Daily 01/18/2016 page19)