(MENAFN) China's top economic planner, the National Development and Reform Commission (NDRC), revealed on Tuesday its decision to raise retail prices for gasoline and diesel starting Wednesday. This adjustment is in response to recent fluctuations in international oil prices. According to the NDRC's statement, the retail price of gasoline will increase by 200 yuan per tonne, approximately equivalent to 28.16 U.S. dollars, while the price of diesel will rise by 195 yuan per tonne.
In China, changes in the prices of refined oil products are closely tied to movements in global crude oil prices under the current pricing mechanism. As such, adjustments in domestic retail prices are made to reflect shifts in the international oil market.
To ensure stability in oil supplies amid the price adjustments, the NDRC has directed China's three major oil companies — the China National Petroleum Corporation (CNPC), the China Petrochemical Corporation (Sinopec), and the China National Offshore Oil Corporation (CNOOC) — as well as oil refineries, to uphold oil production levels and facilitate transportation. This directive aims to mitigate potential disruptions and maintain a steady flow of oil products to meet consumer demand within the country, as emphasized by the commission.
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