China will adjust the price of jet fuel every month to better reflect movements in global oil prices, the country’s top economic planner National Development and Reform Commission announced on Monday, chinanews.com reported.
Starting from August 1, jet fuel producers and their clients can negotiate the price of kerosene on the first day of every month.
The new rule on jet fuel signals its evolving adaptability to market economy, the report said.
Currently, the country’s jet fuel prices should obtain authorities’ approval before being adjusted. The government has reduced its import tariff on jet fuel to zero starting July, according to the Ministry of Finance. The import tariff on aircraft fuel was previously set at 6 percent.