BEIJING - China will cut the price of aviation fuels by about 4 percent from Sunday, reflecting recent falls in international crude oil prices, according to an announcement from the National Development and Reform Commission.
The Commission announced the reductions on its website (www.ndrc.gov.cn) on Saturday. An accompanying table showed the ex-factory price of aviation fuels, including types 1 to 4 jet fuel, will fall by 200 yuan ($29.3) per tonne.
China's ex-factory price of type 1 jet fuel has been set at 4,940 yuan ($723.9) a tonne.
On Friday, an oil industry official told Reuters that China's aviation fuel market is likely to grow at 7-8 percent next year, quickening from this year but off the double-digit growth of recent years.
China National Aviation Fuel Holding (CNAF), parent of Singapore-listed China Aviation Oil, almost monopolises the country's jet fuel distribution sector.
Jet fuel makes up only 4 percent of China's total fuel market, the world's second-largest after the U.S.
($1=6.824 Yuan) (Reporting by Ben Blanchard and Chris Buckley; Editing by Bill Tarrant