China cuts retail fuel prices again
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China will cut the retail prices of gasoline and diesel for the first time this year as international oil prices fell, the country’s top economic planner said Wednesday.
Both gasoline and diesel prices will be reduced by 70 yuan ($10.2) per tonne starting Thursday, according to the National Development and Reform Commission (NDRC).
Analysts attributed the lower international oil prices to recovery of drilling activity in the United States and a stronger US dollar.
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.
Questions & Answers
Q.When will the new fuel prices come into effect?
When will the new fuel prices come into effect?
The reduced prices for both gasoline and diesel will be implemented starting from Thursday, following the announcement made on Wednesday.
Q.What is the reason for this reduction in fuel prices?
What is the reason for this reduction in fuel prices?
The price cut is due to a fall in international oil prices, which analysts attribute to increased drilling activity in the United States and a stronger US dollar.
Q.How much will gasoline and diesel prices be reduced per tonne?
How much will gasoline and diesel prices be reduced per tonne?
Both gasoline and diesel prices will be reduced by 70 yuan per tonne, which is equivalent to $10.2.
Q.What triggers price adjustments for refined oil products in China?
What triggers price adjustments for refined oil products in China?
Prices are adjusted if international crude oil prices change by more than 50 yuan per tonne and maintain that level for 10 working days.
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