中国发改委宣布推迟降低零售汽油价格

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.

中国成品油生产商可以松口气了。周二晚间，中国国家发改委(NDRC)宣布将推迟降低零售汽油和柴油的价格。

Shares in refiner Sinopec rallied on Wednesday by as much as a 10th; PetroChina rose 6 per cent.

炼油企业中石化(Sinopec)的股票周三大涨10%；中石油(PetroChina)上涨了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.

随着原油价格降至七年低点，市场此前预期成品油价格将下调，令原本就遭受疲弱增长打击的利润率和利润受到挤压。但在中国的城市空气越来越糟的背景下，以低价鼓励用户消耗更多能源是与社会压力背道而驰的。

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.

降价缓行也许只是暂时的。中国发改委已明确表示有意放开价格，2013年开始缩短调价之间的时间间隔，以启动这一进程。过去一年里，发改委允许独立企业进口原油和出口成品燃料。周二宣布的不降价决定是暂时的。

Share price rebounds are likely to be similar.

股价的反弹可能同样是暂时的。