Gasoline And Diesel Prices Increased

China will raise the price of gasoline and diesel by rmb80 and RMB70 per tonne, respectively, starting Oct. 22, according to the current pricing mechanism, the National Development and Reform Commission (NDRC) said Thursday.

Officials with the National Development and Reform Commission (NDRC) said the three major companies, petrochina, Sinopec and Cnooc, should organize production and transportation of refined oil products to ensure stable supply in the market and strictly implement the state pricing policy.

Relevant departments in various localities should strengthen market supervision and inspection, severely punish those who fail to implement the state price policy, and maintain normal market order. Consumers can report price violations through 12315 platform.

This round of refined oil price adjustment cycle, the international oil prices rise in shock. According to the Price Monitoring Center of the National Development and Reform Commission, coVID-19 epidemic suppression of demand and reduction of production by major oil producers will still be the two major factors affecting the international oil price in the later period, and the volatility of international oil price will be weak in the short term.

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