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China Adopts New Measures on Oil Price Adjustment
China begins to adopt new measures on oil price adjustment for connecting with international markets from October 17 onwards. Henceforth, the frequency of oil price adjustment will be greatly reduced and the adjustment extent will be shrunk as well.
According to the new measures, the median prices for the retail sale of gasoline and diesel oil will raise more RMB 250 yuan/ton and RMB 20 yuan/ton respectively. As reported, the new measures are as follows:
1.To make the oil prices connecting with Asian, European, and north American markets instead of merely meeting with Asian market, thus to better reflect the complete tendency of oil price changes in the world.
2.Instead of the monthly price adjustment, to adjust the oil prices only when international oil prices wave beyond a certain extent, thus to avoid the too frequent adjustment in oil prices.
3.On the premise of fixing the sum of price adjustment for connecting with world markets, to adjust oil prices in line with the oil consumption structure in China and the exchange rates in international markets.
4.To enlarge the extent of oil retail prices to eight percent up and down from current five percent up and down, thus to give enterprises more decision-making power of fixing oil prices.
5.When the oil prices wave beyond a certain limitation, domestic enterprises should lessen the price wave by finished oil production.
Principal for the State Development Planning Commission said that the new measures will not multiply burdens of consumers.
By PD Online Staff Huang Ying
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