According to the National Development and Reform Commission, since the refined oil product price adjustment window on October 15, international crude oil prices have risen sharply due to the escalation of geopolitical tensions in the Middle East. To mitigate the impact of the rise in international oil prices, the state has once again implemented regulation on refined oil product prices.

Calculated in accordance with the current refined oil product price formation mechanism, during this price adjustment window (24:00 on October 29), the theoretical increase in standard gasoline and diesel is 440 yuan and 420 yuan per ton respectively. After comprehensive consideration of the burden on downstream users and the need to ensure supply and stabilize prices of refined oil products, after regulation, the actual increase in gasoline is 345 yuan per ton, and the actual increase in diesel is 335 yuan per ton.

The notice requires that PetroChina, Sinopec, CNOOC and other crude oil processing enterprises should coordinate the production, transportation and distribution of refined oil products, ensure stable market supply, and strictly implement the national pricing policy. Market regulatory authorities at all levels will strengthen price inspections, seriously investigate and deal with violations of oil price regulations, and maintain the order of the refined oil product market. If citizens discover price violations, they can file complaints and reports through the 12315 platform.

The maximum retail price tables of gasoline and diesel for all provinces (autonomous regions, municipalities directly under the Central Government) and central cities supporting this price adjustment are announced simultaneously.

From:ChemNet