China suspends oil price adjustment

BEIJING — China's top economic planner said on Oct 10 that it would keep domestic gasoline and diesel prices unchanged due to the volatility of international oil prices.

The international oil price has seen fluctuations since Sept 21, with an average price change in the subsequent 10 working days of less than 50 yuan (about $7.04) per metric ton. Therefore, the prices of gasoline and diesel fuel on the Chinese market will not be adjusted at this juncture, the National Development and Reform Commission said.

Under the current pricing mechanism, if international crude oil prices change by at least 50 yuan per ton on average within 10 working days, the prices of refined oil products such as gasoline and diesel in China will be adjusted accordingly.

The commission projected that the international oil price, having fluctuated more intensely in the recent period, is likely to see a slight rise.

It urged the three major State-owned oil companies, namely the China National Petroleum Corporation, the China Petrochemical Corporation, and the China National Offshore Oil Corporation, to ensure the supply of oil products and the implementation of the country's price policy.