Gasoline and diesel prices rose by an average of 0.26 yuan and 0.3 yuan per liter on the 20th from the peak retail price of refined oil products in Sichuan. According to the Xinhua News Agency, the National Development and Reform Commission announced on the 19th that gasoline and diesel prices will be increased by 1 ton from the midnight on the 20th. Increased by RMB 350, which is equivalent to the national average retail price of No. 90 gasoline being increased by RMB 0.26 per liter. No. 0 diesel was raised by RMB 0.3 per liter, an increase of 4.5%.

Cao Changqing, director of the Development and Reform Commission’s Price Division, said that since December 22 last year when domestic oil prices have been raised, international crude oil prices have continued to fluctuate. On January 22, the average price of crude oil in the international market exceeded 22% for 22 consecutive working days. According to the existing oil price formation mechanism, domestic refined oil prices should be appropriately raised, but considering the current price situation, the Spring Festival and the supply and demand conditions of the refined oil market. The state has appropriately postponed the price increase and has controlled the price increase.

It is understood that if there is no control over the rate of price increase, and according to the current mechanism for the formation of refined oil prices, this time the increase in oil prices is about 10%. The state has asked PetroChina and Sinopec to play a role in the internal and external interest-adjustment mechanism of the enterprise, and partially absorb the pressure of rising crude oil prices to subsidize the refinery enterprises.

Liu Zhenqiu, deputy director of the Development and Reform Commission’s Price Department, said that after this oil price adjustment, the country will adjust the subsidy mechanism for the public welfare industry according to the current refined oil prices and continue to subsidize grain-growing farmers, fisheries, forestry, urban public transport, and rural road passenger transport. Temporary subsidies are provided to the taxi industry; the basic livelihood security of difficult groups such as urban and rural residents with minimum living security is continued.

After the increase in oil prices, the maximum retail price limit for refined gasoline No. 90 in Sichuan is 6.7 yuan/liter, that for No. 93 gasoline is 7.15 yuan/liter, that for No. 97 gasoline is 7.61 yuan/liter, and for No. 0 diesel is 7.07 yuan/liter. PetroChina Sichuan Marketing Company's refined oil subsidiary, Sichuan Petrochemical Sichuan Branch, and Shell Sichuan Company will implement this price.