China keeps domestic gasoline prices unchanged

Business | 29 May 2020 10:29 am

China's top economic planner said it would keep domestic gasoline and diesel prices unchanged as the international crude prices are still lower than the "floor rates."

As of Wednesday, the average international crude price was lower than US$40 a barrel, the floor set by the Chinese government, in the past 10 working days, according to the National Development and Reform Commission, CGTN reports.

Under the current pricing mechanism, China will adjust domestic prices of refined oil products when international crude prices translate into a change of more than 50 yuan per ton for gasoline and diesel for a period of 10 working days, but will not do so if the international prices go below the floor of US$40 or above the ceiling of US$130 a barrel.

 

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