China has decided to adjust retail gasoline and diesel prices due to rising global costs, according to a release from the National Development and Reform Commission (NDRC) on Wednesday.
The country’s macroeconomic management agency, the NDRC, announced that gasoline and diesel costs would increase by 55 yuan ($7.55) per ton starting Thursday.
This rise translates to an increase of around 2.5 yuan for a tank of gasoline or diesel.
The Commission requested that the nation’s largest oil and gas producers, including China National Petroleum Corporation (CNPC), China Petrochemical Corporation (SINOPEC), China National Offshore Oil Corporation (CNOOC) and refineries, maintain oil production and facilitate its distribution to ensure supply stability.
Under the oil price plan implemented in China, the NDRC will adjust the local retail price of oil every 10 working days in line with international prices.
As a result, regardless of time, the price is promptly changed if the price of oil per barrel rises beyond $130 or falls below $40.
US$1 equals 7.27 Yuan
