China cut retail prices of gasoline, diesel for third time in a row

 

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China will cut the retail prices of gasoline and diesel by 300 yuan per tonne and 290 yuan per tonne, respectively, effective from Wednesday, said the National Development and Reform Commission (NDRC).

That marks the fourth reduction in gasoline and diesel prices this year and the third in a row since June 28.

Under the current pricing mechanism, if international crude oil prices change by more than 50 yuan per tonne and remain at that level for 10 working days, the prices of refined oil products such as gasoline and diesel in China will be adjusted accordingly.

China’s three biggest oil companies, namely China National Petroleum Corporation, China Petrochemical Corporation and China National Offshore Oil Corporation, as well as other oil processing companies, should maintain oil production and facilitate transportation to ensure stable supplies, the NDRC said.