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Fuel prices to remain unchanged from Wed., NDRC

2015-09-30 15:58

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Retail price of gasoline and diesel will remain unchanged in the coming ten working days from Wednesday, the National Development and Reform Commission (NDRC), China's top economic planner, announced on Wednesday.

The moving average price change of monitored benchmark products was less than 50 yuan per tonne during the ten days till Tuesday, which is the minimum threshold to trigger a change of retail fuel price in accordance with the current pricing mechanism.

The moving average of the basket of crude oil prices, to which China's product oil prices are pegged, declined 1.52 percent as of Sept. 29 from the latest cycle of fuel prices adjustment, according to Xinhua's earlier calculations.

Under an oil pricing policy in place since the start of 2013, the NDRC can adjust the price every 10 working days based on changes in the global market, should the change be more than 50 yuan per tonne.

The latest change occurred on Sept. 16 when China raised the retail price of gasoline and diesel, ending six consecutive cuts since June. Retail price of gasoline and diesel was raised both by 90 yuan (14.1 U.S. dollars) per tonne, or 0.07 yuan per liter for gasoline and 0.08 yuan per liter for diesel, respectively.

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