China News Agency, Beijing, June 29 (Reporter Zhao Jianhua) The Chinese Ministry of Finance and the National Development and Reform Commission recently jointly issued a notice announcing that when the crude oil price in the international market is higher than the state-regulated upper limit of refined oil price regulation ($130 per barrel), Refining enterprises will implement periodic price subsidies, and the price of refined oil will not be increased in stages.
The relevant person in charge of the Economic Construction Department of the Ministry of Finance (hereinafter referred to as the person in charge) introduced on the 29th that according to the relevant provisions of the "Oil Price Management Measures", when the crude oil price in the international market corresponding to the domestic refined oil price is higher than 130 US dollars per barrel, the production will be taken into account according to the relevant provisions. The interests of consumers and consumers, and the principle of maintaining the stable operation of the national economy, adopt appropriate fiscal and taxation policies to ensure the production and supply of refined oil, and in principle, the prices of gasoline and diesel are not mentioned or less mentioned.
International oil prices have risen rapidly since the beginning of this year and are currently between US$100-120 per barrel.
The person in charge said that in order to ensure the safe and stable supply of refined oil, reduce the operating cost of the real economy, reduce the burden on consumers, and guide expectations reasonably, with the approval of the State Council, the Ministry of Finance and the National Development and Reform Commission jointly issued the "Implementation Stage after the International Oil Price Hits the Controlling Upper Limit". Circular on Work Related to Sexual Price Subsidy (referred to as the Circular).
The "Notice" clarifies that if the international oil price is higher than the upper limit of regulation and control of US$130 per barrel (referred to as the upper limit of regulation and control), the price of refined oil will not be raised in stages. offset the rise in international oil prices.
The subsidy targets are refined oil production and operation enterprises (refineries) that produce, entrust processing and import gasoline and diesel within China.
When the international oil price exceeds the upper limit of regulation, the subsidy will be activated; if the upper limit of regulation is not reached, no subsidy will be given.
The duration of the phased price subsidy policy is tentatively controlled for no more than two months.
If the subsequent international crude oil prices continue to exceed the upper limit of regulation, the Ministry of Finance and the National Development and Reform Commission will clarify the relevant regulation policies for domestic oil prices in advance.
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