Print Edition - 2017-06-25  |  Money Digest

China cuts retail fuel prices

- Xinhua, BEIJING

Jun 25, 2017-

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 on Friday. Gas price will decrease by 250 yuan (about $36.76) per tonne, while the diesel price will be lowered by 240 yuan per tonne, 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 tonne 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.

Published: 25-06-2017 10:19

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