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Petrol traders urge gov't to ease price curbs
The oil industry is in talks with the government about possible changes, Bloomberg cited Liu Jian as saying. The National Development and Reform Commission, China's top economic planning agency, controls fuel prices, allowing fluctuations of no more than 8 percent from the set level. Any decision to raise fuel prices further may accelerate China's inflation, increasing the nation's consumer price index by as much as 0.6 percentage points, JPMorgan Chase & Co. economist Ben Simpfendorfer said in a report Thursday. However, some analysts blamed monopoly of the oil market for the fuel shortages. He Jun, chief analyst of Beijing Anbound Consulting Co, said the oil shortfall demonstrates the problems of having Sinopec and PetroChina controlling the oil market. "The government should smash the duopoly by introducing more market players in the oil sector including privately owned oil companies and foreign firms," he said. A more flexible pricing mechanism for oil products is also urgently needed, he said. The opening-up to foreign competitors of China's refined oil wholesaling market by the end of next year in accordance with entry into the World Trade Organization will help smooth the market chains, He added.
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