(Source: Xinhua News Agency 2026-05-08)
The National Development and Reform Commission announced on the 8th that based on changes in oil prices in the international market, starting from 24:00 on May 8, the prices of domestic gasoline and diesel (standard products) will be increased by 320 yuan and 310 yuan per ton respectively.
Why do domestic refined oil prices need to increase?
The domestic refined oil price mechanism stipulates that the maximum retail price of gasoline and diesel will be adjusted every 10 working days based on changes in the average price of a basket of international crude oil.
Dong Xiucheng, Executive Dean of the China International Carbon Neutral Economic Research Institute, w88 casinostated that since the domestic refined oil prices were lowered on April 21, crude oil prices in the international market have fluctuated significantly and continued to run at high levels in the early days. Although they have fallen back recently, the average price in the first 10 working days of this price adjustment is still higher than the average price of the 10 working days before the last price adjustment, and domestic refined oil prices have been raised accordingly. This time, the maximum retail prices of gasoline and diesel (standard products) were increased by 320 yuan and 310 yuan per ton respectively, which is equivalent to an increase of 0.25 yuan per liter for No. 92 gasoline and an increase of 0.27 yuan per liter for No. 0 diesel.
If international crude oil prices rise sharply in the future, what regulatory measures will the country take?
The refined oil price mechanism has set a price control upper limit of US$130 per barrel. If the average price of a basket of international crude oil continues to rise sharply and exceeds US$130 per barrel (the corresponding average retail price of domestic 92-proof gasoline is slightly higher than 10 yuan per liter), for the portion exceeding the upper limit, the maximum retail price of domestic gasoline and diesel will not increase or increase less.
Dong Xiuchengsaid that in order to ensure stable supply, the state may also take fiscal and tax support measures. During the sharp rise in international crude oil prices triggered by the Russia-Ukraine conflict in 2022, the state made it clear that when international crude oil prices exceeded the regulatory upper limit of US$130 per barrel, domestic refined oil prices would not be raised in the short term (no more than two months), and periodic subsidies would be provided to oil refining companies.
The relevant person in charge of the National Development and Reform Commission said that PetroChina, Sinopec, CNOOC and other crude oil processing companies must organize the production and transportation of refined oil to ensure stable market supply and strictly implement national price policies. Relevant departments in various localities must intensify market supervision and inspection, strictly investigate and deal with non-implementation of national price policies, and maintain normal market order. Consumers can report price violations through the 12315 platform.
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