Gasoline and diesel prices raised again
- Details
- Category: Ningbo News
- Published: Tuesday, 14 February 2012 11:39
On February 8, the National Development and Reform Commission (NDRC), the country's top economic planner, announced that China would raise the retail prices for gasoline and diesel. Early this morning in Ningbo, retail price for refined oil correspondingly increased. Gasoline labeled 90 #, 93 #, 97 # and 0 # diesel rise to 6.95 yuan, 7.46 yuan, 7.93 yuan, and 7.93 yuan per liter from 6.73 yuan, 7.23yuan, 7.68 yuan and 7.93 yuan per liter respectively, which means the price has returned to the same level four months ago before the NDRC announced a price cut last October.
The retail prices for gasoline and diesel has risen by 300 yuan per tonne from zero on Feb 8. According to the NDRC, since the beginning of this year, international oil prices have been high and volatile. On Jan. 4, the West Texas Intermediate (WTI) futures prices rose to 103.22 U.S. dollars per barrel, an increase of 37 percent from the lowest point in last October.
On February 2, the prices of international crude had jumped beyond a 4-percent range within 22 consecutive working days, in contrast to previous price change last October, reaching the boundary condition of the domestic oil price adjustments. However, the NDRC delayed the adjustment to Feb. 7, right after the much-celebrated Lantern Festival, which fell on Feb. 6.
In response to the oil price hike, the municipal price control department requires the two top oil companies, China National Petroleum Corp and China Petrochemical Corp, to ensure market supply by coordinating oil production and transport. They are also required to strictly carry out the national pricing policy, and report the supply and price information to their local government and price control department in time.
Meanwhile, to maintain market order, the price control department vows to strengthen the supervision and inspection and crack down the speculative behavior like panic buying, hoarding and spreading rumors on prices
