Since domestic refined oil product prices were last adjusted on August 28, the conflict between the US and Iran has escalated once again, driving international crude oil prices to continue their sharp rise, with crude prices in the Middle East region in particular experiencing another bout of abnormal surges.

To mitigate the impact of rising international oil prices on the domestic market and ensure stable economic operations and social well-being, temporary control measures will be implemented on domestic refined oil product prices, all while maintaining the existing pricing mechanism framework.

Based on calculations under the current pricing mechanism, gasoline and diesel (standard grade) prices should have been raised by 435 yuan and 420 yuan per tonne respectively on September 11. However, following the implementation of these control measures, the actual increases have been set at 260 yuan and 250 yuan per tonne.

Where to begin with these adjustments? The National Development and Reform Commission will guide refined oil product producers and sellers to make every effort to ramp up production and transportation, ensuring stable market supply. Additionally, it will work with relevant departments to strengthen market supervision and inspection, strictly penalizing illegal activities such as failure to adhere to national pricing policies, in order to uphold market order and protect consumer interests.