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
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