China will reduce the retail¹ prices of gasoline and diesel² starting Wednesday.

 

本周三开始中国将降低汽油和柴油的零售价。

 

Based on changes in international oil prices, the retail prices of gasoline and diesel will be reduced by 465 yuan (about 67.46 U.S. dollars) and 445 yuan per tonne, respectively, the biggest cuts this year, according to the National Development and Reform Commission (NDRC).

 

Under the current pricing mechanism³, if international crude oil prices change by more than 50 yuan per tonne and remain at that level for 10 working days, the prices of refined oil products such as gasoline and diesel in China will be adjusted accordingly.

 

International crude oil prices slumped⁴ in recent days, leading to the cuts. The NDRC predicted that short-term oil prices will be affected⁵ by gloomy economic outlook and potential extension in output reduction by OPEC.

 

The NDRC also demanded that major oil companies, including China National Petroleum⁶ Corporation, China Petrochemical Corporation and China National Offshore⁷ Oil Corporation, work to ensure a stable supply and implement⁸ the pricing policy.

 

The economic planner said it would closely monitor the effects of the current pricing mechanism and make improvements in response to global fluctuations⁹.

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