China suspends oil price adjustment

BEIJING, July 23 (Xinhua) -- China's top economic planner announced Tuesday it will keep domestic retail oil prices unchanged as global oil prices have not fluctuated greatly in the past two weeks.


(Photo: VCG)

Under the current pricing mechanism, if international crude oil prices change by more than 50 yuan (about 7.27 U.S. dollars) per tonne and remain at that level for 10 working days, the prices of refined oil products such as gasoline and diesel in China will be adjusted accordingly.

The retail oil price was raised on July 9.

Since July 9, the international oil price has fluctuated slightly while the price change in the subsequent 10 working days was less than 50 yuan per tonne, so the prices of gasoline and diesel fuel on the Chinese market will not be adjusted at this juncture, according to the National Development and Reform Commission (NDRC).

The unadjusted amount will be included in the calculation for the next adjustment, it said.

In the past 10 working days, the international oil price first rose and then fell. The NDRC forecast international oil prices will remain volatile against the backdrop of an overall balance between supply and demand in the global crude oil market.