What are the upper and lower limits of oil prices?
1 Answers
China's National Development and Reform Commission (NDRC) Price Department Deputy Director and First-Level Inspector Peng Shaozong stated at a press conference on the 17th that China has set upper and lower limits for domestic refined oil price mechanisms, with the upper limit at $130 per barrel and the lower limit at $40 per barrel. China's refined oil pricing mechanism is as follows: 1. Refined oil pricing mechanism: This refers to the process, method, and regulatory scheme for setting refined oil prices. 2. The state has a unified price adjustment model for domestic refined oil prices: When international oil prices plummet or surge to a certain extent, domestic refined oil prices will be subject to 'ceiling' and 'floor' restrictions. 3. Cycle: 10 working days. 4. Effective time: 24:00 on the day the price adjustment is announced. 5. Rules: Based on international crude oil prices, China adjusts its domestic refined oil prices. If the adjustment amount is less than 50 yuan per ton, no adjustment is made, and it will be accumulated or offset in the next adjustment.