China's economic planner the National Development and Reform Commission (NDRC) Tuesday cut national benchmark product oil prices by a range of 1.3 percent to 1.5 percent. Benchmark prices of gasoline and diesel were cut by 85 yuan per tonne and 80 yuan per tonne, respectively, effective Wednesday.
Retail prices of 90# gasoline and 0# diesel would decrease by 0.06 yuan per liter and 0.07 yuan per liter, respectively. The decrease of benchmark product oil prices is basically in line with earlier market expectation.
After the adjustment, ceiling retail gasoline and diesel prices in Beijing would be 7,210 yuan per tonne and 6,245 yuan per tonne, respectively.
The moving average of the basket of crude oil prices, to which China's product oil prices are pegged, lost 2.84 percent as of November 16 from the last cycle of fuel prices adjustment, according to Xinhua's calculations.
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