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China to Adjust Oil Prices Every Month
China will adjust prices of finished oil products for the domestic market once a month starting from July to adjust its oil pricing to the global market.
The monthly-based adjustments will help ensure sufficient supplies of oil and prevent individuals from storing too much oil, authorities said.
The State Development Planning Commission has approved of producer prices of gasoline and diesel oil to rise by 300 yuan and 100 yuan per ton, respectively, in a directive released on June 1.
The China National Petroleum Corporation and China National Petrochemical Corporation can decide their own retail prices based on the government-set base, with a floating margin of five percent.
China has become a net petroleum importer since 1993 and its oil imports are increasing. Last year, imported petroleum accounted for 20 percent of the domestic market.
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