19  October  2018

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 Infopetro -> Industry in Focus

China Cuts Retail Fuel Prices


China will cut the retail prices of gasoline and diesel

for the sixth time this year from Saturday following a

drop in global oil prices, the country's top economic

planner said Friday.

Gas price will decrease by 250 yuan (about $36.76) per

ton, while the diesel price will be lowered by 240 yuan

per ton, according to the National Development and Reform

Commission (NDRC).

China adjusts domestic retail oil prices when

international crude prices change by more than 50 yuan per

ton within a 10 working-day period.

Global crude prices have fallen in recent weeks after

major oil producing countries such as the United States,

Liberia and Nigeria increased output, while US oil

consumption remained sluggish. The production glut will

continue next year.

The NDRC does not expect a consistent drop in global crude

prices due to the likelihood that OPEC will step in to cut

output to stem price declines.

Unstable situations in Liberia and Nigeria will also bring

uncertainties to global oil output.

The NDRC said it was closely monitoring the current

pricing mechanism and would continue improvements based on

market changes.

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