Since the domestic refined oil price adjustment on September 11, the geopolitical situation in the Middle East has been complex and volatile. International crude oil prices rose rapidly before falling back, and have recently surged again.
To mitigate the impact of rising international oil prices on the domestic market, the government has continued to take regulatory measures on refined oil prices. According to the current pricing mechanism, starting from 24:00 on September 24, the prices of domestic gasoline and diesel (standard products) should have been raised by 830 yuan and 800 yuan per ton respectively. After regulation, the actual increases are 395 yuan and 385 yuan.
This translates to a reduction of 0.34 yuan per liter for 92-octane gasoline and 0.36 yuan per liter for 0-octane diesel, roughly a 52% smaller increase. Based on a 50-liter fuel tank, filling up costs 17 yuan less than it would have.
The National Development and Reform Commission will guide refined oil production and sales enterprises to make every effort in production and distribution to ensure stable market supply. It will also cooperate with relevant departments to strengthen market supervision and inspection, strictly investigate and punish illegal activities such as failing to implement national pricing policies, effectively maintain market order, and protect consumer interests.
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