China will reduce the price of jet fuel as well as fuel surcharges next month, said an analyst from Chinese e-commerce website 315.com.cn.

The price of No. 3 jet fuel is forecasted to be set at 7,270 yuan (US$1,144) per metric ton for November, down from 7,494 yuan (US$1,179), based on the new pricing mechanism. The jet fuel surcharge is also expected to be reduced by 20 to 30 yuan per traveler.

The National Development and Reform Commission, China's economic planning body, reformed the country's jet fuel pricing in July and decided to adjust jet fuel prices once a month from August.

Under the new jet fuel pricing scheme, the ex-refinery price is required to be no higher than the after-tax price of jet fuel imports from Singapore.

From Sept. 26 to Oct. 24, the after-tax price of jet fuel imports from Singapore was set at 7,325 yuan (US$1,152) per metric ton, down 221 yuan (US$35) from the previous month, the analyst said .

China's business press carried the story above on Wednesday.