China announces petroleum product prices

Beijing: China also announced an increase in the prices of petroleum products.

According to China’s National Development and Reform Commission (NDRC), petrol and diesel prices will increase by 140 yuan (approximately US ً 21.96) per tonne and 135 yuan per tonne, respectively, from Saturday.

Under the current pricing system, if international crude oil prices fluctuate by more than 50 yuan per ton and remain at the same level for 10 working days, then refined oil products such as petrol and diesel in China Prices will be adjusted accordingly.

The NDRC said that the three major oil companies of China namely China National Petroleum Corporation, China Petrochemical Corporation and China National Offshore Oil Corporation should maintain oil production and facilitate transportation to ensure stable supply.

It may be recalled that an increase of Rs 4 in petrol price was announced in Pakistan yesterday while LPG prices were reduced.

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