China carried out significant rise in prices for gasoline and diesel fuel

Almaty. December 15. Silkroadnews – On Wednesday China’s National Development and Reform Commission announced the decision to raise the prices of gasoline and diesel fuel by 435 and 420 yuan per tonne respectively as of December 14, Chinese media reported.

According to China.org.cn, “it is the ninth, and the most dramatic lift in prices for petroleum products in China since the beginning of the year”. The adjustment is carried out in accordance with the current pricing mechanism due to fluctuations at the global crude market.

The Commission required the leading domestic oil companies, including PetroChina, Sinopec and CNOOC to provide for the effective organization of production and supply of petroleum products, stable supply of oil products for domestic market and strict observance of the pricing policy.

Since the beginning of this year China has reduced prices for gasoline and diesel fuel five times and raised them nine times. A tonne of petroleum products has been lifted by 915 and 880 yuan respectively.