National Development and Reform Commission Announces 300 Yuan Increase in Ex-Factory Price of Gasoline
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With the approval of the State Council, the National Development and Reform Commission decided to increase the price of refined oil products as appropriate from March 26, and at the same time establish a mechanism for giving appropriate subsidies to some vulnerable groups and public welfare industries.
With the sustained and rapid development of China's economy, the external dependence on domestic oil consumption continues to increase.
Since 2003, crude oil prices in the international market have continued to rise significantly.
At present, the domestic refined oil price is significantly lower than the international market price, and is seriously reversed from the price of crude oil, which is not conducive to mobilizing the production enthusiasm of refineries, safeguarding the market supply of refined oil products and promoting the conservation of petroleum resources, and affecting the smooth operation of the economy. In light of the above, the National Development and Reform Commission has informed that the ex-factory price of gasoline and diesel will increase by 300 yuan and 200 yuan per ton, respectively.
In order to properly handle the impact of continued high oil prices in the international market and the adjustment of domestic refined oil prices, the State Council decided to establish a mechanism to subsidize some vulnerable groups and public welfare industries. The subsidies include: grain farmers, fishermen and fisheries enterprises engaged in offshore fishing, inland fishing and breeding, and the use of motorized fishing boats, state-owned forestry enterprises and forest nurseries, and urban public transport companies. For grain farmers, overall consideration will be given to the impact of rising prices of agricultural production materials such as diesel and chemical fertilizers, and compensation will be provided through comprehensive direct compensation. The increase in rural road passenger transport operators’ expenditures due to rising oil prices is mainly digested through adjustment of tariffs and other measures. If there are indeed difficulties, appropriate subsidies may also be given. City taxi drivers will adjust their tariffs and add fuel additives to local authorities to ease the expenses due to the increase in oil prices. At the same time, they will clear and rectify the charges involving taxis and reduce the burden on taxi drivers. In areas where the above measures are difficult to implement, Taxi drivers can be given appropriate temporary subsidies.
The State Council requires all regions and relevant departments to take effective measures to implement various subsidy measures as soon as possible. The competent price departments at all levels must strengthen the supervision and inspection of refined oil prices, severely crack down on the behaviors of rumors and confusion, and disrupt the market order, and maintain the stability of the refined oil market.