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October 23, 2020

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Fuel prices to rise today

China will raise the retail prices of gasoline and diesel from today, the country’s top economic planner said yesterday.

Based on recent changes in international oil prices, the retail prices of gasoline and diesel will be increased by 80 yuan (US$12) and 70 yuan per ton, according to the National Development and Reform Commission.

Under the current pricing mechanism, if international crude oil prices change by more than 50 yuan per ton and remain at that level for 10 working days, the prices of refined oil products such as gasoline and diesel across China will be adjusted accordingly.

China’s three biggest oil companies — the China National Petroleum Corporation, the China Petrochemical Corporation and the China National Offshore Oil Corporation — have been asked to maintain oil production and facilitate transportation to ensure stable supplies across the country.




 

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