China to Raise Fuel Prices; Gasoline Up RMB375, Diesel Up RMB360 per Tonne
China will raise domestic retail fuel prices from midnight on August 29, with gasoline and diesel increasing by RMB375 and RMB360 per tonne respectively. The National Development and Reform Commission cited higher average international crude prices over the past 10 trading days, and urged refiners to ensure stable supply and strict price compliance.
The National Development and Reform Commission (NDRC) announced that domestic retail prices for gasoline and diesel will rise by RMB375 and RMB360 per tonne respectively, effective from midnight on August 29.
The adjustment follows a review of international crude oil price movements since the last domestic fuel price change on August 14. The NDRC noted that the average international crude oil price over the 10 trading days preceding this adjustment was higher than the average over the 10 trading days before the previous adjustment.
The NDRC instructed PetroChina, Sinopec, CNOOC and other crude oil processing enterprises to organise refined oil production and transportation to ensure stable market supply and strictly implement national pricing policies. It also called on local authorities to strengthen market supervision and enforcement, and to crack down on violations of the national price policy to maintain normal market order.