China and India to test oil demand with price reform

China and India are set in the coming weeks to take strides in tackling fuel price systems they see as obsolete, although it may be months before consumers’ ability to cope with higher costs is fully put to the test.

..By changing the way prices are set, Beijing and New Delhi will be laying the groundwork for bigger rises that may affect consumer behaviour, unnerving oil traders who are counting on a pick-up in demand growth from the world’s two most populous nations to keep global oil markets booming.

Reuters