BEIJING, Aug. 1 (Xinhua) -- The after-tax CIF (cost, insurance and freight) price of China's jet fuel imports has been set at 7,768 yuan (1,206 U.S. dollars) per metric ton for August, China's economic planner said on Monday.

The price adjustment marked the first time for the economic planner to adjust jet fuel prices on a monthly basis after it announced jet fuel pricing reforms in July, according to a notice posted on the National Development and Reform Commission (NDRC)'s website.

The NDRC announced on July 7 that it would introduce a market-oriented jet fuel pricing mechanism starting from Aug. 1.

Under the new mechanism, the ex-plant price of jet fuel is required to be no higher than the after-tax CIF price of jet fuel imports from Singapore, Asia's largest oil trading and storage center.

Taking transportation expenses, trade volumes and international crude oil prices into account, the jet fuel premium is negotiable between jet fuel sellers and buyers and will be reviewed once a year, while jet fuel ex-plant prices will be adjusted on the first day of every month, according to the NDRC.