China's economic planner the National Development and Reform Commission (NDRC) Tuesday cut national benchmark product oil prices amid decrease of international oil prices. Benchmark prices of gasoline and diesel were cut by 145 yuan per tonne and 140 yuan per tonne, respectively, effective Wednesday.
Retail prices of 90# gasoline and 0# diesel would decrease by 0.11 yuan per liter and 0.12 yuan per liter, respectively. The decrease of benchmark product oil prices is in line with earlier market expectation. After the adjustment, ceiling retail gasoline and diesel prices in Beijing would be 7,065 yuan per tonne and 6,105 yuan per tonne, respectively.
The moving average of the basket of crude oil prices, to which China's product oil prices are pegged, lost 5.28 percent as of November 30 from the last cycle of fuel prices adjustment, according to Xinhua's calculations.
Latest comments