The National Development and Reform Commission (NDRC) has long been championing the cause of linking domestic fuel prices to the international price of crude oil, but on Aug 8 the central government economic planning agency chose not to lower prices, despite sizable falls in international prices. An official from the NDRC has explained through the official media that the decision not to lower domestic fuel prices is due to the fact the average price of the three different international crude oil prices that are taken into account, are still higher than they were when the decision was taken to adjust domestic fuel prices on Apr 7.
But in truth, it's likely that the decision not to lower prices might have another explanation. An expert from the CPCIA (China Petroleum and Chemical Industry Association), told the EO that prices will not be lowered because the profitability of the refining sector is in rapid decline and there has been a drop off in investment in upstream activities such as oil drilling.

Source
Economic Observer Online

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