China likely to cut refined oil prices: analysts

BEIJING, Nov. 6 (Xinhua) -- Analysts believe China may cut prices for refined oil products on Friday amid global oil price drops and lackluster performances by the country's oil refiners.

Forecasts showed that the moving weighted average price of Brent, Dubai and Cinta crude is expected to fall by 4 percent or more on Friday, creating a window for China to adjust its domestic oil prices.

The drop would mark the fourth time this year for the National Development and Reform Commission (NDRC), China's top economic planner, to cut fuel prices.

The NDRC may reduce retail prices for both gasoline and diesel by 300 yuan (48 U.S. dollars) per tonne, analysts said.

The move would likely be a response to falling oil prices on international markets, a trend that analysts predicted will continue in the short-term.

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