China's NDRC says fuel prices at $60 crude

BEIJING, July 10 (Reuters) - China's fuel prices are equivalent to around $60 per barrel of crude oil, Xinhua news agency quoted Xu Kunlin, the vice director general of the price setting department of China's top planning body, the National Development and Reform Commission, as saying on Friday.

China uses a moving average of a basket of crude oil prices to set fuel prices. Xu said the moving average had not changed much during July, despite the a more than 10 percent fall in crude prices in the first 7 days of the month.

China's last fuel price increase, almost 10 percent on June 30, followed a 17.2 percent jump in the moving average crude price, he said.

He refuted talk that refiners were making big margins and said Chinese were paying roughly the same as Americans at the pump. Including tax, refiners were paying around $80 per barrel for their crude oil, he said.

(Reporting by Eadie Chen and Tom Miles)