China's Ministry of Commerce has urged local bureaus to monitor the fuel market more closely to prevent any hoarding or unapproved rate increases as the new consumption tax and retail price formula is coming into effect from Jan. 1.
Local commerce bureaus should closely watch movements in the oil market, including overseas shipments, and report any inappropriate developments, the ministry said in a late Monday statement.
Today, China started to raise fuel consumption taxes on various oil products, including gasoline and diesel, multi-fold, instead of the previous practice of charging six different road tolls.
It will also change the way it calculates retail prices to guarantee state refiners a "reasonable" margin.
The nation cut gasoline and diesel retail prices Dec. 19 by around 13% and 17%, respectively, following the slump in crude oil prices.
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