BEIJING, Sep 6 – PRIME. From Wednesday, China will increase retail prices for gasoline and diesel by $27.3 and $26.5 per ton, respectively, according to a statement released on Tuesday by the State Committee for Development and Reform of the country.
AI-95 gasoline fell by 2.6% on the stock exchange in Russia on Monday
“In accordance with the latest changes in oil prices in the world market and the current pricing mechanism for petroleum products, from 24.00 on September 6, 2022, domestic gasoline and diesel prices will be increased by 190 yuan (27.3 dollars) and 185 yuan (26. $5) per ton, respectively,” the ministry said in a statement on its website.
Since June, gasoline and diesel prices in China have declined several times, from June 29, July 13 and 27, and August 10 and 24. Of these, the largest decline was recorded on July 13, when gasoline and diesel prices fell by $53.5 and $51.3 per ton, respectively.
It is noted that the country’s leading oil refineries – PetroChina, Sinopec, CNOOC and others – must properly organize the production and transportation of petroleum products, ensure the stability of supplies and strictly comply with the state pricing policy.
China’s pricing mechanism for oil products provides that if the price of oil on the world market changes by more than 50 yuan ($7.3) per ton and remains at this level for 10 working days, then the cost of gasoline and diesel fuel in the domestic market is adjusted accordingly.
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