Beijing [China], July 5: China will lower retail gasoline and diesel ceiling prices from Saturday, marking the third straight cut and the biggest reduction in nearly six years, Xinhua News Agency reported.
The prices of gasoline and diesel will be cut by 950 yuan (about US$139) and 915 yuan per tonne, respectively, according to the National Development and Reform Commission (NDRC).
This adjustment comes after international crude prices fell from recent highs amid easing tensions in the Middle East and a gradual recovery in shipping through the Strait of Hormuz, said Tian Lei, head of the economy center at the Energy Research Institute of the Chinese Academy of Macroeconomic Research.
Under China's current pricing mechanism, domestic gasoline and diesel prices are adjusted every 10 working days in line with changes in international crude oil prices.
The NDRC urged major oil producers and refiners to ensure stable market supply and strictly implement national pricing policies.
Source: Emirates News Agency
