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China cuts wholesale gas prices for second time this year
Imaduddin
18 Nov, 2015
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Copyright Reuters, 2015
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![](https://i.brecorder.com/images/2015/11/natural-gas-nov0.jpg">BEIJING: China will cut wholesale prices of natural gas from Friday, the country's top economic planner said in the year's second price reduction, aimed at boosting flagging growth in demand for the cleaner-burning fuel.</P><P>China's energy giants have been forced to resell or renegotiate long-term global supplies as a cooling economy has hit gas demand in the world's third-largest consumer, while an inflexible pricing policy also curbed consumption.</P><P>Benchmark city-gate prices for non-residential users will be lowered by 0.70 yuan ($0.1097) per cubic metre from Nov. 20, the National Development & Reform Commission (www.ndrc.gov.cn) said on Wednesday, in a statement on its website.</P><P>Besides cutting the benchmark prices, the agency also said it allowed a 20-percent upward float, although it set no limit for downward adjustment.</P><P>City-gate prices are those paid by local distributors or city gas firms to pipeline operators, mainly PetroChina</P><P>and Sinopec Corp .</P><P>The agency also urged participants in the market for non-residential gas to trade on the Shanghai spot exchange in order to achieve )
