The NDRC said the increase followed gains in international oil prices due to a tense geo-political situation in the Middle East and a weakening dollar.China has a pricing regime which adjusts domestic fuel prices when international crude prices change by more than 50 yuan per tonne during a time span of 10 working days.
According to data from the General Administration of Customs, China imported 308.4 million tonnes of crude oil in 2015 worth $228.3 billion.Some oil companies' decisions to cut capital spending and the recent robust job creation pace in the United States both contributed to higher oil prices, said Wang Yanting, an analyst with JYD Online Corp., a Beijing commodity e-commerce platform.
At present,increasing demand in the winter has led to rising prices on the international market, according to the NDRC.It asked major oil refiners to coordinate production and distribution to ensure steady supplies and strictly carry out China's pricing policies.
