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China to cut retail price of gasoline and diesel

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China will cut retail prices for gasoline by 365 yuan (US$58) per tonne and for diesel by 350 yuan (US$56) per tonne from Tuesday as world oil prices fall, the country's powerful economic planning agency said on Monday, the latest in a string of cuts that started in July 2014.

[BEIJING] China will cut retail prices for gasoline by 365 yuan (US$58) per tonne and for diesel by 350 yuan (US$56) per tonne from Tuesday as world oil prices fall, the country's powerful economic planning agency said on Monday, the latest in a string of cuts that started in July 2014.

The National Development and Reform Commission (NDRC) can adjust the price ceilings for fuel on a bi-weekly basis, under a pricing system in effect since March 2013 that creates a closer link to the global price of crude oil.

REUTERS

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