China plans to cut jet fuel prices to aid airlines, consumers

China is planning to lower wholesale aviation fuel prices as early as July, part of Beijing's pledge to reduce business costs in a slowing economy, said an oil industry executive and a spokeswoman with the Chinese aviation authority. The cuts will apply to both ex-refinery prices and rates charged to airlines by China's dominant jet fuel distributor China National Aviation Fuel Group , and could amount to a total annual savings to airlines of more than CNY1b (US$143.84m), said the industry executive Thursday. "This is part of the aviation authority's response to the (Chinese) Cabinet's call to help smaller businesses and consumers, as the economy is really slowing," said the executive. A CAAC spokeswoman said the price cuts will start in July including reductions to marketing and operational charges. <br/>