China suspends oil price adjustment

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—File Photo


BEIJING: China’s top economic planner announced Wednesday that it would keep domestic retail oil prices unchanged as global oil prices have not fluctuated significantly in the past two weeks.

Under the current mechanism, prices of refined oil products are adjusted when crude prices change by more than 50 yuan (about 8 U.S. dollars) per tonne for gasoline and diesel over a period of 10 working days.

China reduced domestic retail oil prices on February 28 as international oil prices fell.

The National Development and Reform Commission (NDRC) said it was closely watching the current pricing mechanism and would continue to improve it based on changes in both domestic and overseas markets.

The NDRC said in an analytical report that international oil prices would keep fluctuating on increase in U.S. output and cuts by the Organization of Petroleum Exporting Countries in the short-run.—APP

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