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The National Development and Reform Commission(NDRC),China’s top economic planner,announced at the end of October that the benchmark prices of gasoline,diesel oil and aviation kerosene would be raised by 500 yuan per ton. Recently,international oil prices have been rising continuously.Crude oil futures prices traded in New York surged to＄93 per barrel on October 29. However,in China,oil prices are set by the government and not by the market. The recent hike on the price of oil in China is a measure implemented,to narrow the gap between soaring global crude oil prices and domestic fuel prices.NDRC officials answered questions posed by Xinhua News Agency about recent oil price hikes.The questions and answers follow:
The National Development and Reform Commission (NDRC), China’s top economic planner, announced at the end of October the the benchmark prices of gasoline, diesel oil and aviation kerosene would be raised by 500 yuan per ton. Recently, international oil prices have been rising continuously.Crude oil futures prices traded in New York surged to $ 93 per barrel on October 29. However, in China, oil prices are set by the government and not by the market. The recent hike on the price of oil in China is a measure implemented, to narrow the gap between soaring global crude oil prices and domestic fuel prices .NDRC officials answered questions posed by Xinhua News Agency about recent oil price hikes.The questions and answers follow: