China’s top economic planner announces raise for gasoline, diesel retail prices
Date
7/11/2024 8:28:25 AM
(MENAFN) China's top economic planner announced on Thursday that retail prices for gasoline and diesel will see an increase starting Friday, in response to recent shifts in international oil prices. The National Development and Reform Commission (NDRC) stated that gasoline prices will rise by 110 yuan (approximately 15.42 U.S. dollars) per tonne, while diesel prices will increase by 105 yuan per tonne. This move reflects the NDRC's adherence to the current pricing mechanism, which adjusts the prices of refined oil products in accordance with international crude oil price fluctuations.
The decision to raise fuel prices is part of China's broader strategy to manage its energy market in line with global trends. The NDRC highlighted that this adjustment is necessary to maintain economic stability and align domestic prices with the international oil market. The recent increase in global oil prices has prompted this recalibration to ensure that the domestic market remains balanced and sustainable.
In response to the price hike, China's three largest oil companies—the China National Petroleum Corporation (CNPC), the China Petrochemical Corporation (Sinopec), and the China National Offshore Oil Corporation (CNOOC)—along with other oil refineries, have been directed to uphold their production levels and streamline transportation processes. This directive aims to ensure that the supply chain remains robust and that oil products are distributed efficiently across the country.
The NDRC emphasized the importance of these measures to guarantee a stable supply of gasoline and diesel, which is crucial for both consumers and businesses. Maintaining steady production and transportation of oil products will help mitigate any potential disruptions caused by the price increase and support the nation's economic resilience.
By closely monitoring international oil price trends and adjusting domestic prices accordingly, China aims to foster a stable and predictable energy market. The NDRC's proactive approach underscores the government's commitment to managing the economic impacts of global oil price fluctuations and ensuring the availability of essential energy resources for its population. This latest adjustment reflects China's ongoing efforts to balance its domestic energy needs with the realities of the global oil market.
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