According to a statement from the National Development and Reform Commission on October 29, since the domestic refined oil price adjustment on October 15, escalating geopolitical tensions in the Middle East have caused international crude oil prices to surge significantly.
In order to mitigate the impact on the domestic market, the government has once again taken regulatory measures on refined oil prices. Based on calculations under the current pricing mechanism, starting from 24:00 on October 29, the prices of domestic gasoline and diesel (standard grade) should have been raised by 440 yuan and 420 yuan per ton respectively. However, taking into account both the need to ease the burden on downstream users and to ensure the safe and stable supply of refined oil, the actual increases after regulation are 345 yuan and 335 yuan per ton.
The National Development and Reform Commission will guide refined oil production and sales enterprises to make every effort in production and transportation, ensuring a stable market supply. It will also cooperate with relevant departments to strengthen market supervision and inspection, severely cracking down on illegal activities such as non-compliance with national pricing policies, so as to effectively maintain market order and protect consumer interests.
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