China Puts Control Measures on Oil Price Adjustment

MT Newswires Live

04/08

China implemented control measures on the adjustment of the oil prices, bringing the added prices lower than when the existing pricing mechanism is used, according to a Tuesday disclosure from the National Development and Reform Commission.

The prices of gasoline and diesel were raised by 420 yuan per ton and 400 yuan per ton, respectively, instead of 800 yuan per ton and 770 yuan per ton.

Chinese oil companies such as PetroChina (SHA:601857, HKG:0857), China Petroleum & Chemical (SHA:600028, HKG:0386), or Sinopec, and CNOOC (HKG:0883, SHA:600938) are called on to comply with the adjusted oil prices.

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