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NDRC opts against oil price adjustment

Xinhua, June 23, 2015 Adjust font size:

China's price watchdog on Tuesday opted against adjusting gasoline and diesel guide prices in the domestic market as global prices have remained relatively calm recently.

Under an oil pricing policy in place since the start of 2013, the National Development and Reform Commission (NDRC) has the option to adjust the price every 10 working days based on changes in the global market, as long as the change is bigger than 50 yuan (8.18 U.S. dollars) per tonne.

The mild changes in the global market since June 8 did not meet the minimum level to trigger an adjustment at home, but the changes will be taken into consideration for the next adjustment, the NDRC said on Tuesday.

Since the start of the year, there have only been three other occasions when the NDRC has opted against adjusting the prices. It has lowered them four times and raised them five times in that period.

The retail price of gasoline has increased by 460 yuan per tonne in 2015, while the retail price of diesel has increased by 385 yuan per tonne. Endi