China suspends oil price adjustment after two hikes

Updated 2017-08-19 11:01:50 Xinhua

China's top economic planner announced Friday that it will keep domestic retail oil prices unchanged as global oil prices have not fluctuated greatly in the past two weeks.

Under the current mechanism, prices of refined oil products are adjusted when crude prices change by more than 50 yuan (about 7.5 U.S. dollars) per tonne for gasoline and diesel over a period of 10 working days.

China increased domestic retail oil prices twice on Aug. 4 and July 21 as international oil prices increased.

The National Development and Reform Commission (NDRC) said it is closely watching the current pricing mechanism and will continue to improve it based on changes in both domestic and overseas markets.

The NDRC said it expects that international oil prices will mainly face pressure from an increase in U.S. output but gain support from output cuts by the Organization of the Petroleum Exporting Countries (OPEC) in coming months.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58December 18 2017 16:58:25

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16December 18 2017 16:58:25

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18December 18 2017 16:58:25

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords