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China to cut retail fuel prices from Tuesday

China to cut retail fuel prices from Tuesday Xinhua © Provided by Xinhua BEIJING, July 26 (Xinhua) China will lower the retail prices of gasoline and diesel from Tuesday, the country s top economic planner said Monday. Based on recent changes in international oil prices, the retail prices of gasoline and diesel will be lowered by 100 yuan (about 15.44 U.S. dollars) and 95 yuan per tonne, respectively, according to the National Development and Reform Commission (NDRC). The adjustment is the first cut in nearly four months. 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.

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