The government-controlled oil prices in domestic market had been blamed for a shortfall of oil supply, as some refineries would stop processing to avoid losses while some producers and dealers would hoard up oil to gain more profits in the case of possible price hikes, said Liu Zhenqiu, vice director of the price department of the NDRC.
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China To Raise Gasoline Prices
China will raise the prices of gasoline, diesel oil and aviation kerosene by 500 yuan per ton
China will raise the prices of gasoline, diesel oil and aviation kerosene by 500 yuan per ton, almost a 10 percent rise, starting from November 1 in order to shorten the gap between high-flying international crude prices and state-set domestic oil prices.
The average retail prices of gasoline and diesel oil was lifted to 5,980 and 5,520 yuan per ton from 5,480 and 5020 yuan.
The government-controlled oil prices in domestic market had been blamed for a shortfall of oil supply, as some refineries would stop processing to avoid losses while some producers and dealers would hoard up oil to gain more profits in the case of possible price hikes, said Liu Zhenqiu, vice director of the price department of the NDRC.
The government-controlled oil prices in domestic market had been blamed for a shortfall of oil supply, as some refineries would stop processing to avoid losses while some producers and dealers would hoard up oil to gain more profits in the case of possible price hikes, said Liu Zhenqiu, vice director of the price department of the NDRC.
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