China suspends oil price adjustment

BEIJING -- China's top economic planner said Friday that it would keep domestic gasoline and diesel prices unchanged as global oil prices have not seen drastic fluctuations in the past two weeks.

Since July 24, the international oil price has fluctuated slightly, while the price change in the subsequent 10 working days was less than 50 yuan (about $7.2) per tonne, so the prices of gasoline and diesel fuel on the Chinese market will not be adjusted at this juncture, the National Development and Reform Commission (NDRC) said.

Under the current pricing mechanism, if international crude oil prices change by more than 50 yuan per tonne and remain at that level for 10 working days, the prices of refined oil products such as gasoline and diesel in China will be adjusted accordingly.

The NDRC urged the three major state-owned oil companies -- China National Petroleum Corporation, Sinopec Group and China National Offshore Oil Corporation -- to ensure the supply of oil products and strictly implement the country's price policy.