China announces biggest cuts yet to retail gasoline prices

Business | 11 Jun 2019 7:21 pm

China will reduce the retail prices of gasoline and diesel from tomorrow, the top economic planner said today.

Based on changes in international oil prices, the retail prices of gasoline and diesel will be reduced by 465 yuan and 445 yuan per ton, respectively, the biggest cuts this year, according to the National Development and Reform Commission.

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.

The NDRC also demanded that major oil companies, including China National Petroleum Corporation, China Petrochemical Corporation and China National Offshore Oil Corporation, work to ensure a stable supply and implement the pricing policy.

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