The Development and Reform Commission issued a notice on the 26th and decided to reduce the maximum retail price of gasoline and diesel by *** 310 yuan and 300 yuan per ton respectively from the midnight on the 27th.

The adjusted supply prices of gasoline and diesel were 8,520 yuan and 7,710 yuan per ton, respectively, and the retail prices were calculated. No. 90 gasoline and No. 0 diesel (average of the country) decreased by 0.23 yuan and 0.26 yuan per liter respectively.

The NDRC last adjusted domestic refined oil prices on February 25, 2013. At that time, gasoline and diesel prices were raised by ***300 yuan and 290 yuan per ton, respectively, to reflect the impact of rising international crude oil prices.

It is worth noting that the NDRC also issued the "National Development and Reform Commission's Notice on Further Improving the Mechanism for the Formation of Refined Oil Price." The "Notice" stated that in the future, the period for pricing and adjusting oil products will be shortened from the current 22 working days to 10 jobs. Day, and cancel the upper and lower 4% limit. When the price adjustment of gasoline and diesel is lower than 50 yuan per ton, no adjustment will be made and the cumulative or offset will be included in the next price adjustment. In addition, the NDRC also adjusted the prices of domestic refined oil products.

The previous refined oil pricing mechanism was: the average price of the three kinds of crude oil in the international market for domestic oil prices for 22 consecutive trading days fluctuate more than 4%, and the NDRC will adjust domestic refined oil prices accordingly.

In this regard, the relevant person in charge of the National Development and Reform Commission stated that after the formation of the new mechanism, the frequency of refined oil price adjustment was accelerated and the transparency of the price adjustment time node was enhanced. The domestic oil price could more sensitively reflect the changes in the international market oil prices, and avoided the risk-free arbitrage behavior of the operators as much as possible. Market speculation will help further standardize the market order of refined oil products and take another important step towards marketization. Since the refinement of this price mechanism generally falls within the proper adjustment within the framework of the existing institutional mechanisms, the impact of domestic oil price levels will still mainly depend on the trend of crude oil prices in the international market.

In December 2008, China introduced a reform program for refined oil prices and taxes. For more than four years, according to the principle and direction of reform of refined oil prices and taxation, the state has adjusted oil prices by 10 to 15 liters and adjusted a total of 25 times, basically rationalizing the relationship between refined oil prices. Overall, the current mechanism operates smoothly and with remarkable results. This ensures the normal supply of the refined oil market, promotes orderly competition in the refined oil market, enhances the company’s ability for sustainable development, raises people’s awareness of fuel economy, and avoids market prices for oil products. Ups and downs. However, the current mechanism has also exposed the price adjustment cycle in the course of its operation, and it is difficult to sensitively reflect the changes in the international market's oil prices, and it is prone to speculative arbitrage and other issues. To this end, the Development and Reform Commission further improved the mechanism for the formation of refined oil prices.

Lin Boqiang, director of the China Energy Economic Research Center at Xiamen University, pointed out that the formation of a new mechanism for refined oil pricing is an important step in market-oriented reforms, but the reforms have not yet been fully implemented. When the general level of domestic prices rises significantly or major emergencies occur, and international oil prices rise sharply within a short period of time and other special circumstances, the government can suspend, delay the price adjustment, or reduce the price adjustment.