Home » National Development and Reform Commission Increases Domestic Gasoline and Diesel Prices, Car Owners to Pay More at the Pump

National Development and Reform Commission Increases Domestic Gasoline and Diesel Prices, Car Owners to Pay More at the Pump

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Title: National Development and Reform Commission Raises Domestic Gasoline and Diesel Prices, Impacting Car Owners’ Wallets

Date: July 12, 2023

The National Development and Reform Commission (NDRC) has announced an increase in domestic gasoline and diesel prices, marking the first rise in refined oil prices this year. Effective from 24:00 on July 12, 2023, the prices for gasoline and diesel will witness an increase of 155 yuan and 150 yuan per ton, respectively.

The NDRC, responsible for regulating fuel prices in China, revealed that this adjustment will result in an increase of 0.12 yuan per liter for No. 92 gasoline, 0.13 yuan per liter for No. 95 gasoline, and 0.13 yuan per liter for No. 0 diesel oil. These changes are estimated to impact a typical private vehicle owner filling up a fuel tank with a capacity of 50 liters, causing an additional expense of approximately 6 yuan.

As a result of this price adjustment, the average cost of filling up a tank of fuel will rise, affecting millions of car owners across the country. The decision by the NDRC arrives amid growing international crude oil prices and the need to balance the market dynamics.

The NDRC plays a crucial role in ensuring the stability of fuel prices, protecting the interests of consumers and fuel suppliers, and fostering a sustainable energy market. The regulatory body closely monitors global oil market trends, taking necessary measures to align domestic prices accordingly, balancing the impact on consumers and market participants.

The increase in fuel prices underlines the ongoing challenge posed by rising global oil prices, which have been driven by various factors, including geopolitical tensions and fluctuations in supply and demand dynamics globally. While the adjustment may burden car owners who utilize private vehicles for their daily commute and transportation needs, it also reflects the realities of the global energy landscape.

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It is important for car owners to budget for these increases and adjust their expenses accordingly. Additionally, the NDRC encourages individuals to explore alternative energy options, such as electric vehicles, which can help mitigate the impact of fuel price hikes and contribute to a greener environment.

The NDRC assures the public that it will closely monitor the energy market and undertake timely measures to protect the interests of consumers while ensuring the stability and balance of the fuel market.

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