Development and Reform Commission: Refined Oil Prices Down by 75 Yuan for a Ton of Gasoline Due to VAT Rates

According to the spirit of the State Council's executive meeting on March 28, the Ministry of Finance issued the “Notice on Adjustment of Value Added Tax Rates” (Finance [2018] No. 32) on April 4th, reducing the VAT rates of certain industries and goods since May 1. Among them, the value-added tax rate for refined oil products has been reduced from 17% to 16%. Accordingly, the maximum retail price of domestic gasoline and diesel will be reduced by 75 yuan and 65 yuan per ton, respectively, which will be implemented at 4:00 pm on April 30, 2018. After the adjustment, the maximum retail prices of gasoline and diesel in all provinces (autonomous regions, municipalities) and central cities are shown in the attached table.

The PetroChina, Sinopec and CNOOC three major companies must organize the production and transportation of refined oil products to ensure a stable supply of the market and strictly implement the national price policy. The competent price departments at all levels should increase the supervision and inspection of the market, severely investigate and punish acts that do not implement state price policies, and maintain the normal market order. Consumers can report price violations through the 12358 price monitoring platform.

Attachment: The highest retail price of gasoline and diesel in all provinces, regions, and cities