By Wang Ying
Oct. 31 (Bloomberg) -- China's top economic planner, the National Development and Reform Commission, denied speculation domestic fuel prices may be cut by as much as 20 percent, the Shanghai Securities News reported, citing unidentified government officials.
Reports on the price cuts are untrue, Shanghai Securities, a unit of the official Xinhua news agency, reported today, citing unnamed officials from the commission's pricing department.
Government departments may reduce oil-product prices by 500 yuan ($73), 800 yuan or 1,000 yuan a ton, the Information Times, a local newspaper in southern Guangdong province, reported today, citing unidentified industry sources.
The proposals are awaiting approval from higher-level government authorities and may be implemented before mid- November, it said. Domestic fuel prices may be cut because of declines in global crude prices, the Information Times said.
Guangdong province is China's biggest manufacturing hub.
-- Editors: Ang Bee Lin, Clyde Russell.
To contact the reporters on this story: Wang Ying in Beijing at ywang30@bloomberg.net
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