China continues suspension of retail fuel price adjustment

Beijing, Dec 29 (IANS) China’s top economic planner said on Tuesday that it will continue suspending price adjustment of domestic refined oil products before a new pricing mechanism is introduced.

A special meeting was hosted by the National Development and Reform Commission (NDRC) the same day to invite opinions of relevant departments and work units on a new pricing mechanism, Xinhua news agency reported.

The NDRC also plans a series of symposiums to solicit opinions from experts, industrial associations, petroleum enterprises and drivers.

On December 15, the NDRC announced that improvement would be made on the pricing mechanism of refined oil products and it would suspend adjusting prices of gasoline and diesel.

Under a mechanism that became effective in March 2013, prices of refined oil products are adjusted when international crude prices translate into a change of more than 50 yuan per tonne for gasoline and diesel prices for a period of 10 working days.

According to the NDRC, suspension of price adjustment is expected to continue before the adoption of new rules.

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