Today, the National Development and Reform Commission issued the “Notice of the National Development and Reform Commission on Raising the Price of Refined Oil” and decided to increase the price of gasoline and diesel by 230 yuan and 220 yuan per ton respectively since midnight on October 26th. The diesel supply prices were 7,420 yuan and 6,680 yuan per ton, respectively. Gasoline is about 0.16 yuan/liter and diesel is about 0.18 yuan/liter.

The notice requires that PetroChina and Sinopec should work hard to make the connection between refined oil production and transportation and ensure market supply. The competent pricing departments at all levels must strengthen price supervision and inspection, severely crack down on various price violations, and earnestly safeguard the stability of the refined oil market.

It is reported that since the price of domestic gasoline and diesel was lowered on June 1 this year, the price adjustment was nearly five months away from this time. In the international market, oil prices continued to fluctuate between US$70-80/bbl, and continued to decline in mid-September, once close to the price adjustment boundary conditions. Since the end of September, the oil price in the international market has rapidly risen to more than 80 US dollars per barrel, which has risen by more than 4%. For this reason, according to the current refined oil price mechanism, the state decided to appropriately raise the prices of gasoline and diesel.