China Implements Temporary Control Measures For Gasoline, Diesel Retail Prices

BEIJING, March 23 (Bernama-Xinhua) -- China's top economic planner has announced that temporary control measures regarding retail prices of gasoline and diesel will be implemented starting on Monday, amid increases in international oil prices, reported Xinhua.

These measures have been adopted to mitigate the impact of an abnormal rise in international oil prices, reduce the burden on downstream users, and ensure stable economic operation and social livelihood, a statement released by the National Development and Reform Commission (NDRC) noted.

Based on the existing pricing mechanism, gasoline and diesel prices would have risen by 2,205 yuan (about US$319.4) and 2,120 yuan (US$307.4) per tonne, respectively, from midnight on March 23.

As a result of the controls, these prices will now increase by 1,160 yuan (US$168.2) and 1,115 yuan (US$161.7) per tonne, respectively.

These are the first such price controls since China's existing oil pricing mechanism was introduced in 2013.

Analysts say the controls are a timely and effective response to the sharp rise in international oil prices and will help support the steady operation of China's domestic economy.

Looking ahead, the NDRC said it will guide refiners and distributors to fully coordinate production and transport of refined oil products to ensure adequate market supply.

The commission will also work with relevant departments to strengthen market oversight and inspections, and will strictly investigate and punish violations such as failure to implement national pricing policies, so as to maintain market order and protect consumer interests.

-- BERNAMA-XINHUA