On April 24, the National Development and Reform Commission ("NDRC") released the Circular on Raising Domestic Refined Oil Prices (the "Circular"), effective at 24:00 on April 24, 2015.
Under the Circular, the NDRC has decided to raise the prices of gasoline and diesel (standard products, the same below) supplied to the army and the Xinjiang Production and Construction Corps, and for national reserve purposes by CNY300 and CNY285 per tonne respectively, with the supply prices of gasoline and diesel after the adjustment being CNY7,090 and CNY6,115 per tonne respectively, and the prices of other refined oil shall be adjusted accordingly; the maximum supply prices of gasoline and diesel supplied for special users such as those in the transportation and civil aviation industries shall be adjusted by the same amounts, with the maximum supply prices of gasoline and diesel standard products being CNY7,490 and CNY6,515 per tonne respectively after the adjustment; the maximum retail and wholesale prices of gasoline and diesel in all regions shall be adjusted by the same amounts.