(File photo)

China is expected to cut natural gas prices at the end of October, according to a report by the Securities Daily. The prices will decrease by 20 percent to 30 percent in the gas stations in each province.

China cut its natural gas prices sharply in April for the first time.

The price may decrease by 0.4 yuan to 0.5 yuan per cubic meter in provinces with lower natural gas prices, while in provinces with higher gas prices, the price will possibly decrease by 0.7 yuan to 0.8 yuan per cubic meter.

Under the circumstances of oil prices downturn, the non-residential natural gas prices will decrease, while the residential gas prices will be raised according to a multi-tier pricing mechanism.

In addition, the reform plan of oil and gas will be published at the end of this year. The comprehensive market-oriented reform which aims to break the monopoly has become imperative.

This article was edited and translated from 《油氣改革不斷提速 天然氣價格或于10月底下調》, source: Securities Daily.