NDRC: Oil price changes reasonable
China's top economic planner has defended its recent oil price adjustment. An official at the National Development and Reform Commission (NDRC) rejected complaints about frequent rises and rare cuts.
The official says China's oil prices had long been below international levels before adjustments from last June. When international crude prices surged to $147 a barrel, the domestic price was equivalent to only $83.
This year, the international oil price has jumped 70 percent. Chinese retail prices have increased by only a quarter after three adjustments.
The NDRC official says drivers need to understand the current retail prices include taxes transferred from road maintenance fees. Before the tax, the prices were lower than those overseas.
