中國發改委宣佈推遲降低零售汽油價格
Refined energy product producers in China can breathe a little easier. Late on Tuesday, China’s National Development and Reform Commission said it would postpone a price cut to retail petrol and diesel prices.
中國成品油生產商可以鬆口氣了。週二晚間，中國國家發改委(NDRC)宣佈將推遲降低零售汽油和柴油的價格。
Shares in refiner Sinopec rallied on Wednesday by as much as a 10th; PetroChina rose 6 per cent.
煉油企業中石化(Sinopec)的股票週三大漲10%；中石油(PetroChina)上漲了6%。
With the oil price at seven-year lows, the market was expecting prices to come down, crimping margins and profits hit by weak growth. But air in China’s cities is increasingly filthy; incentivising energy users to consume more fuel with cheaper prices would be out of alignment with social pressures.
隨着原油價格降至七年低點，市場此前預期成品油價格將下調，令原本就遭受疲弱增長打擊的利潤率和利潤受到擠壓。但在中國的城市空氣越來越糟的背景下，以低價鼓勵用戶消耗更多能源是與社會壓力背道而馳的。
The reprieve may be only temporary. China’s NDRC has made clear its intention to liberalise prices, a process it began in 2013 by reducing the time between readjustments. Over the past year, it has allowed independent companies to import crude oil and export refined fuel. Tuesday’s decision not to lower prices is a temporary move.
降價緩行也許只是暫時的。中國發改委已明確表示有意放開價格，2013年開始縮短調價之間的時間間隔，以啓動這一進程。過去一年裏，發改委允許獨立企業進口原油和出口成品燃料。週二宣佈的不降價決定是暫時的。
Share price rebounds are likely to be similar.
股價的反彈可能同樣是暫時的。
