China suspends oil price adjustment – Xinhua

A staff member refuels a vehicle at a gas station in Congjiang County, southwest China’s Guizhou Province, June 28, 2022. (Photo by Luo Jinglai/Xinhua)

BEIJING, Oct. 10 (Xinhua) — China’s top economic planner said Monday it will keep domestic gasoline and diesel prices unchanged due to volatile international oil prices.

The international oil price has been fluctuating since Sept. 21, with an average price change over the next 10 working days of less than 50 yuan (about 7.04 U.S. dollars) per ton. Therefore, gasoline and diesel fuel prices in the Chinese market will not be adjusted at this stage, the National Development and Reform Commission said.

Under the current pricing mechanism, if international crude oil prices change by at least 50 yuan per ton on average within 10 working days, the prices of refined petroleum products such as gasoline and diesel in China will be adjusted accordingly. result.

The commission predicted that the international price of oil, having fluctuated more intensely during the recent period, should experience a slight increase.

He urged the three major state-owned oil companies, namely the China National Petroleum Corporation, the China Petrochemical Corporation and the China National Offshore Oil Corporation, to ensure the supply of petroleum products and the implementation of the country’s price policy. .

Eleanor C. William