China keeps fuel prices unchanged

A worker fills up a car with fuel at a gas station in Lianyungang city, East China's Jiangsu province. [Photo/Xinhua]

BEIJING - China kept the prices of fuel and diesel unchanged Friday, as the costs had not fluctuated greatly from the previous adjustment period.

Since June 23, when the last adjustment occurred, global crude prices changed less than the 50 yuan ($7.35) per ton threshold, so the prices of fuel and diesel remained the same, the National Development and Reform Commission (NDRC) said in a statement.

China adjusts domestic retail oil prices when international crude prices change by more than 50 yuan per ton within a 10 working-day period.

The NDRC said it is closely monitoring the current pricing mechanism and will continue to improve it based on market changes.

Global crude prices rose marginally due to falling crude output in the United States, a tropical storm that disrupted production, and a weaker US dollar, the NDRC price monitoring center said in a report.

It estimated that crude prices will hover at around $50 per barrel over the rest of the year, tempered by rising US output and falling production of OPEC.