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Cheaper fuel as China reduces prices
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Fuel prices in Shanghai will be about 1.5 percent cheaper from today after the government yesterday announced a cut to reflect lower international crude oil costs.
The ceiling price for 92-octane gasoline falls to 7.63 yuan (US$1.25) per liter from 7.75 yuan while 95-octane declines to 8.11 yuan from 8.24 yuan. Zero-grade diesel now sells for 7.52 yuan per liter, down from 7.64 yuan.
Shanghai’s prices are among the highest in China because of higher fuel quality. All local gas stations have upgraded to offering the cleaner 92 and 95-octane gasoline to replace 93 and 97-octane gasoline under a government push to use fuels of standards similar to the Euro V specifications.
Nationwide, the government reduced gasoline price by 160 yuan per ton and that of diesel by 155 yuan per ton. That’s equivalent to a national average cut of 0.12 yuan per liter for the benchmark 90-octane gasoline and a 0.13 yuan cut for zero-grade diesel, according to the National Development and Reform Commission, which sets energy prices in China.
The latest cut is the third straight reduction under the NDRC’s new pricing mechanism.
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