Retail fuel prices fall as crude rates down
Print Edition
China has announced a small decrease in fuel prices as crude rates fell.
In Shanghai, the ceiling price for 92-octane gasoline is 7.75 yuan (US$1.27) per liter while 95-octane is 8.24 yuan, effective today.
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.
The 93 and 97-octane gasoline cost 7.77 yuan and 8.26 yuan respectively before the latest price cut.
Shanghai’s price of zero-grade diesel is 7.64 yuan per liter, down from 7.66 yuan.
Across China, the retail prices of the benchmark 90-octane gasoline and diesel both fall by 0.06 yuan per liter on average, or 75 yuan per ton, according to the National Development and Reform Commission, the country’s top economic planning agency.
Pump prices vary among provinces and regions.
China introduced changes in the fuel pricing mechanism in March to closely align fuel prices with global crude prices. The NDRC now reviews prices every 10 working days, instead of 22 days before.
The changes have lifted refining margins at Sinopec and PetroChina, China’s two main state-owned refiners.
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