Nation suspends adjustment of domestic retail oil prices

Source:Xinhua - Global Times Published: 2018/3/14 22:23:40

China's top economic planner announced on Wednesday that it would keep domestic retail oil prices unchanged as global oil prices have not fluctuated significantly in the previous two weeks.

Under the current mechanism, prices of refined oil products are adjusted when crude prices change by more than 50 yuan ($8) per ton for gasoline and diesel over a period of 10 working days.

China reduced domestic retail oil prices on February 28 as international oil prices fell.

The National Development and Reform Commission (NDRC) said it was closely watching the current pricing mechanism and would continue to improve it based on changes in both domestic and overseas markets.

The NDRC said in an analytical report that international oil prices would keep fluctuating based on increases in US output and production cuts by the Organization of the Petroleum Exporting Countries in the short run. 

Posted in: ECONOMY

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