Chinese price regulator the National Development and Reform Commission would cut national benchmark product oil prices effective Wednesday, according to market information suppliers. National benchmark product oil prices would decrease by 65 yuan to 70 yuan per tonne, according to market information supplier www.oilchem.net.
The moving average of the basket of crude oil prices, to which China's product oil prices are pegged, declined 2.84 percent as of November 16 from the latest cycle of fuel prices adjustment, said Xinhua. National benchmark product oil prices would drop by around 80 yuan per tonne, according to Xinhua.
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