China took a step back from its promise to move towards more market-oriented domestic fuel prices, warning on Friday that Beijing would limit petrol, diesel and other fuel price increases when oil costs moved above $80 a barrel.
Oil traders said the long-awaited outline of China's retail fuel pricing mechanism cast doubts on the actual reform and pointed to more government interference.
China is the world's second largest oil consumer and its domestic retail fuel price policy affects global oil prices because the country keeps domestic bills artificially low. The International Energy Agency, the developed countries oil watchdog, has pressed Beijing to liberalise its domestic prices to rein in consumption.
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