Chinese price regulator the National Development and Reform Commission (NDRC) is expected to continuously suspend the price adjustment for domestic refined oil products due to plunge of international oil prices, said analysts.
Under the current mechanism, benchmark prices of gasoline and diesel will be adjusted every 10 working days except when the adjustment is less than 50 yuan/tonne. The unrealized change would be counted into the following cycle of price adjustment.
December 29 is the tenth working day of the current cycle. Earlier, on December 15 which was also the tenth working day, the NDRC decided to suspend the price adjustment for domestic refined oil products in a bid to combat air pollution.
In order to restrain the rapid growth of oil consumption, adjust the energy structure and promote environmental protection, China will likely raise the product oil consumption tax again, said Oilchem.net.
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