China's top economic planner National Development and Reform Commission (NDRC) Tuesday announced a substantial cut of benchmark product oil prices effective from Wednesday. The prices of gasoline and diesel will go down by 210 yuan per tonne and 205 yuan per tonne, respectively.
Retail prices of 90# gasoline and 0# diesel would decrease by 0.16 yuan per liter and 0.18 yuan per liter, respectively. The increase of benchmark product oil prices is in line with market expectation.
After the adjustment, ceiling retail gasoline and diesel prices in Beijing would be 7,450 yuan per tonne and 6,430 yuan per tonne, respectively. The moving average of the basket of crude oil prices, to which China's product oil prices are pegged, dropped 7.95 percent as of August 17 from the last cycle of fuel prices adjustment, according to Xinhua's calculations.
Latest comments