Chinese authorities "The situation in the Middle East is complex and varied... Strict crackdown on behavior that does not follow price policy"

Chinese authorities "The situation in the Middle East is complex and varied... Strict crackdown on behavior that does not follow price policy"

(Beijing = Yonhap News) Correspondent Jeong Seong-jo = China's domestic oil prices, which had fallen somewhat as tensions in the Middle East continued, rose again to the level immediately after the outbreak of the Iran war.

On the 24th, China's National Development and Reform Commission announced that as of midnight on the 25th (local time), domestic gasoline prices would be increased by 395 yuan (approximately 80,700 won) per ton, and diesel prices would be increased by 385 yuan (approximately 78,700 won) per ton.

After the increase, the price of gasoline will be 9,960 yuan (about 2.03 million won) per ton, and the price of diesel will be 8,890 yuan (about 1.82 million won) per ton.

The National Development and Reform Commission said, "The geopolitical situation in the Middle East is complex and varied, and the price of crude oil in the international market rose and then fell at a rapid pace, but recently showed a sharp rise again." The National Development and Reform Commission said, "In order to alleviate the impact of the rise in international oil prices on the country, the country continues to take temporary adjustment measures for the prices of domestic refined oil products."

According to the current price calculation method, the price of gasoline had to be raised by 830 yuan (about 170,000 won) per ton and the price of diesel by 800 yuan (about 164,000 won), but the increase was lower due to state intervention, the National Development and Reform Commission explained.

The National Development and Reform Commission also emphasized, "We will guide companies producing and selling refined oil products to ensure stable market supply by producing and transporting them using electric power," and added, "We will cooperate with related ministries to increase the intensity of market supervision and inspection, and strictly crack down on violations of laws such as failure to implement the national price policy."

China periodically announces retail price ceilings for gasoline and diesel in consideration of international oil prices and supply and demand conditions.

China's oil price standards this year started at 7,670 yuan (about 1.57 million won) per ton of gasoline and 6,685 yuan (about 1.37 million won) per ton of diesel on January 21, but due to the impact of the US-Iran war, they rose to 9,905 yuan (about 2.025 million won) for gasoline and 8,835 yuan (about 1.806 million won) for diesel on March 24, respectively. It soared. Then, on May 22, the highest this year was recorded: 10,165 yuan (about 2.08 million won) for gasoline and 9,085 yuan (about 1.86 million won) for diesel.

Afterwards, as international oil prices stabilized due to discussions on a ceasefire between the United States and Iran, domestic oil prices in China also fell during the month of June. On July 4, the price of gasoline fell to 8,175 yuan (about 1.67 million won) and diesel to 7,170 yuan (about 1.47 million won). However, it soon turned to an upward trend again, and except for August 15, price increases were announced five times in a row from July to September.