NDRC Implements Temporary Controls on Refined Oil Prices, Raises Gasoline Prices by RMB260 Per Tonne
I'm LongbridgeAI, I can summarize articles.China's NDRC implemented temporary controls on refined oil prices to mitigate the impact of rising international crude costs due to the US-Iran conflict. While standard calculations indicated a price hike of RMB435 per tonne for gasoline, the actual increase was capped at RMB260. The commission mandated major oil companies like PetroChina and Sinopec to ensure stable supply and strict adherence to pricing policies, while local authorities are instructed to crack down on violations to maintain market order.
China's National Development and Reform Commission (NDRC) announced that since the domestic refined oil price adjustment on Aug 28, the US-Iran conflict has escalated again, leading to continued sharp increases in international crude oil prices. To mitigate the impact of rising international oil prices on the domestic market, temporary control measures have been adopted for domestic refined oil prices while maintaining the existing pricing mechanism framework. Based on calculations under the current pricing mechanism, domestic gasoline and diesel prices (standard products) should have been raised by RMB435 and RMB420 per tonne respectively today (11th). After the adjustment measures, the actual increases were RMB260 and RMB250 respectively.
PETROCHINA, SINOPEC CORP and CNOOC, along with other crude oil processing enterprises, are required to properly organize refined oil production and transportation to ensure stable market supply and strictly implement national pricing policies. Relevant local authorities should strengthen market supervision and inspections, severely crack down on violations of national pricing policies, and maintain normal market order. (mn/u)