Market pricing of oil

The adjustment of the retail petrol pricing mechanism is a step toward a more market-oriented supply and demand relationship, which will benefit the country's drive to raise energy use efficiency.

The policymaking National Development and Reform Commission announced on Tuesday a new pricing system that tracks changes in the global market more closely.

The previous pricing allowed an adjustment of the retail price when the moving average of international crude prices fluctuates beyond 4 percent within 22 consecutive working days. Now the period is shortened to 10 days, with the 4-percent threshold scrapped.