National Development and Reform Commission: The State Increases the Price of Refined Oil

On the 11th, the National Development and Reform Commission issued a notice and decided to increase the price of gasoline and diesel by 255 yuan and 245 yuan per ton respectively, and measure the retail price of gasoline No. 90 and No. 0 diesel (average of the country) by 0.19 yuan and 0.21 yuan per liter respectively. The price adjustment exercise will be at 24:00 on May 11.

The adjustment range of refined oil prices is based on the current mechanism for the formation of refined oil prices, and is based on changes in the average price of crude oil in the international market 10 working days before May 11th. Since late April, due to the geopolitical tensions in the Middle East and the weakening of the U.S. dollar, oil prices in the international market have oscillated upward and the average price in the first 10 working days has risen considerably.

The notice requires that PetroChina, Sinopec, and CNOOC should organize the production and transfer of refined oil to ensure a stable supply of the market and strictly implement the national price policy. The competent price departments at all levels should increase the supervision and inspection of the market, severely investigate and punish acts that do not implement state price policies, and maintain the normal market order.