Beijing to review oil, gas prices

The Chinese government is expected to re-evaluate the way it regulates oil and natural gas prices. A move could tie domestic prices more closely to the world market, The Standard of Hong Kong reported, citing government sources. It said the effort would be initiated this month with a top-level meeting of the National Development and Reform Commission's pricing bureau. It will be headed by Vice Premier Zheng Peiyang, considered an advocate of greater private-sector involvement in the energy business. In the past few months, the government has tinkered with its oil pricing in response to increasing world oil prices, which hit a record of US$67.10 a barrel in New York trading on Friday.