China suspends oil price adjustment

Time:2020-07-27 14:20:21      Source:Xinhuanet.com

China's top economic planner said Friday that it would keep domestic gasoline and diesel prices unchanged as global oil prices have not seen drastic fluctuations in the past two weeks.

Since the increase for domestic oil prices on July 10, the international oil price has fluctuated slightly, while the price change in the subsequent 10 working days was less than 50 yuan (about 7.15 U.S. dollars) per tonne, so the prices of gasoline and diesel fuel on the Chinese market will not be adjusted at this juncture, the National Development and Reform Commission (NDRC) said.

Under the current pricing mechanism, if international crude oil prices change by more than 50 yuan per tonne and remain at that level for 10 working days, the prices of refined oil products such as gasoline and diesel in China will be adjusted accordingly.

Future international oil prices will mainly be affected by the spread of the COVID-19 pandemic and the reduction in output of major oil producers, the NDRC noted.

It urged the three major state-owned oil companies -- China National Petroleum Corp., Sinopec Group and China National Offshore Oil Corporation -- to ensure the supply of oil products and strictly implement the country's price policy.

Index RMB/t DoD Basis Date
Datong 5500 700 0 ex-mine 05-04
Shuozhou 5200 680 0 FOR 05-04
Ordos 5500 700 0 ex-mine 05-04
Yulin 6200 780 0 ex-mine 05-04
Liulin Low-sulphur 900 0 ex-mine 05-04
Gujiao Low-sulphur 1770 -50 FOR 05-04
Xingtai Low-sulphur 2360 0 ex-Factory 05-04
Yangquan PCI 1280 -30 FOR 05-04
Index RMB/t WoW WoW% Date
Qinhuangdao 507.0 1.0 0.20 05-04
Caofeidian 541.0 9.0 1.69 05-04
Huanghua 216.9 12.4 6.06 05-04
Guangzhou 291.2 3.0 1.04 04-27
coastal 6PPs 1629.8 44.7 2.82 07-02
North Ports 2697.8 53.0 2.00 02-01
Yangtze River delta 1242.5 -74.7 -5.67 02-01
South Ports 2233.4 -216.0 -8.82 02-01
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