China’s National Development and Reform Commission (NDRC) said on Monday it would keep gasoline and diesel prices unchanged due to oil price volatility.
The international oil price has been fluctuating since Sept. 21, with an average price change in the following ten working days of less than 50 yuan (regarding $7.04). Therefore, gasoline and diesel prices in the Chinese market will not be adjusted at this stage, NDRC said.
Under the current pricing mechanism, if international crude oil prices fluctuate by at least 50 yuan per ton on average for ten working days, the prices of refined products such as gasoline and diesel in China will be adjusted accordingly. result.
The commission predicts that international oil prices, which have fluctuated more intensely in the recent period, should experience a slight increase.
According to the NDRC, the three major Chinese oil companies, namely China National Petroleum Corporation, China Petrochemical Corporation and China National Offshore Oil Corporation, must ensure the supply of petroleum products and the implementation of the country’s price policy.
