China suspends oil price adjustment

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.