China Consultancy C1 Reverses Call on Fuel Price Rise

China will not raise the retail price ceiling for gasoline and diesel from Wednesday, energy consultancy C1 Energy said on Tuesday, after earlier saying an increase was coming.

"The pricing department of the National Development and Reform Commission (NDRC) has decided not to adjust domestic retail fuel prices temporarily," C1 Energy said, citing sources of state oil companies.

The consultancy had earlier said fuel prices were expected to be raised by between 250 yuan (US$40) and 300 yuan (US$48) per tonne.

Under the existing fuel-pricing formula, the government can raise fuel prices if a weighted 22-day moving average price for a basket of crudes - Brent, Dubai and Cinta - rises more than 4 per cent from when prices were last adjusted. Beijing has never disclosed detailed calculations, making it difficult to calculate the trigger point precisely.