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China keeps fuel prices unchanged

(Xinhua)    17:54, July 07, 2017

China kept the prices of fuel and diesel unchanged Friday, as the costs had not fluctuated greatly from the previous adjustment period.

Since June 23, when the last adjustment occurred, global crude prices changed less than the 50 yuan (7.35 U.S. dollars) per tonne threshold, so the prices of fuel and diesel remained the same, the National Development and Reform Commission (NDRC) said in a statement.

China adjusts domestic retail oil prices when international crude prices change by more than 50 yuan per tonne within a 10 working-day period.

The NDRC said it is closely monitoring the current pricing mechanism and will continue to improve it based on market changes.

Global crude prices rose marginally due to falling crude output in the United States, a tropical storm that disrupted production, and a weaker U.S. dollar, the NDRC price monitoring center said in a report.

It estimated that crude prices will hover at around 50 dollars per barrel over the rest of the year, tempered by rising U.S. output and falling production of OPEC.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Chen Lidan, Bianji)

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