China not to raise oil price shortly after Olympics

Shanghai. August 19 (Gasgoo.com) China's top energy official said the government has no plan to review oil prices immediately after the Olympic Games, the state-run Xinhua News agency reported, cited by Reuters.

"Further adjustments in China's fuel prices would depend on the post-Olympic economic outlook and global commodity prices, " said Zhang Guobao, head of the National Energy Administration, at a news conference Monday.

But Zhang reaffirmed that Chinese domestic fuel prices will move in line with the international market sooner or later. He said China will progress step by step towards this target.

Beijing raised its retail gasoline and diesel prices by 17-18 percent in June, the first increase in eight months, following months of spreading fuel rationing as refiners cut production to trim deepening losses incurred by record crude costs.

Mr Zhang said supply situations have since improved and gasoline in particular has seen some surplus in supply, the Reuters report said.