China to reduce retail oil prices

0 Comment(s)Print E-mail Xinhua, March 1, 2018
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China will reduce the retail prices of gasoline and diesel for the second time this year, the country's top economic planner said Wednesday.

The retail prices of gasoline and diesel will drop by 190 yuan (about 30 U.S. dollars) and 185 yuan per tonne, respectively, from Thursday, according to the National Development and Reform Commission (NDRC).

Under the current pricing mechanism, 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.

Growing demand underpins international crude oil prices on the back of a global economic recovery, the NDRC's price monitoring center said.

According to the center, the global market will remain a state of flux, as the United States has been increasing its crude oil output, despite reducing production of the Organization of Petroleum Exporting Countries.

The NDRC said it would closely monitor the effects of the current pricing mechanism and make changes in response to global fluctuations.

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