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China announces cut in fuel prices
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China has slashed the prices of fuel, starting midnight, after the recent fall of global crude oil rates. It is the third consecutive reduction under the government's pricing mechanism.
The government reduced gasoline price by 160 yuan (US$26.3) per ton and that of diesel by 155 yuan per ton, the National Development and Reform Commission said in a statement on its website today.
That's equivalent to a national average reduction of 0.12 yuan per liter for 90-octane gasoline and a 0.13 yuan cut for grade-zero diesel, the commission said.
Pump prices vary among regions. In Shanghai, the ceiling price for 92-octane gasoline will fall to 7.63 yuan per liter from 7.75 yuan, while 95-octane will drop to 8.11 yuan from 8.24 yuan. Shanghai zero-grade diesel will sell for 7.52 yuan per liter, compared to the current 7.64 yuan per liter.
Shanghai prices are among the highest in China because of higher fuel quality.
The NDRC reviews fuel prices every 10 working days. Crude fell over the past 10 days as the US dollar appreciated and major refineries underwent maintenance, which reduced crude demand.
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