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China cuts fuel prices by more than 4%

Jul. 11, 2012 (China Knowledge) - China's National Development and Reform Commission (NDRC) today lowered the prices of gasoline and diesel by RMB 420 per metric ton and RMB 400 per metric ton, respectively.
 
The move reflects a decrease of 4.6% from the average gasoline retail ceiling price of RMB 9,120 per metric ton, and a decline of 4.8% from the average diesel retail ceiling price of RMB 9,130 per metric ton, said analysts, adding that this is in response to falling prices in international markets.

After the price cut, the benchmark retail price of gasoline decreased by RMB 0.31 per liter and that of diesel dropped RMB 0.34 per liter.

The last changed fuel prices occurred on Jun. 9, 2012 when NDRC lowered the prices by RMB 530 and RMB 510 per metric ton, respectively.
 
The domestic fuel prices may be adjusted when the moving average of a basket of international crude oil price changes over 4% in a period of 22 working days, according to China's oil product pricing system that was introduced in 2009, sources reported.







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