China's October Gas Consumption Stood at 14.5 bcm

China consumed 14.5 billion cubic meters (bcm) of natural gas in October, up 4 percent on year, said a release by the National Development and Reform Commission (NDRC) Monday.

According to NDRC data natural gas production in October stood at 10.9 bcm, up 2.8 percent compared with same period last year. Gas imports slipped 4.8 percent year on year to 4.4 bcm.

During the first ten months of 2015, country's natural gas output and consumption totaled 107.5 bcm and 146.9 bcm, rising 3.6 percent and 2.7 percent year on year, respectively.

China imported 48.2 bcm of natural gas during Jan-Oct period, up 2.6 percent year on year.

Earlier this month, NDRC announced a deep 25 percent cut in city gate gas prices for non-residential users in order to boost demand. Country’s top economic planner said non-residential natural gas prices at city gate stations will be cut by 700 yuan ($110) per thousand cubic meters. 

The NDRC has also allowed non-residential players to raise gas prices by 20 percent based on supply and demand but has set no downward limit.

NDRC stated that this move would promote open and transparent trading of natural gas.