China lowers retail prices of gasoline, diesel for 7th time this year

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China will lower the retail prices of gasoline and diesel by 290 yuan and 280 yuan per tonne, respectively, effective from Thursday, according to the National Development and Reform Commission (NDRC), China’s top economic planner.

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.