China’s National Development and Reform Commission announced a reduction in retail prices of gasoline and diesel starting this Wednesday. This measure is taken in response to recent changes in oil prices on the international market.
According to the country’s top economic regulator, gasoline prices will experience a decrease of 340 yuan ($47.62) per ton, while diesel will be adjusted by 330 yuan ($46.36) per ton.
In line with the current pricing mechanism, which responds to significant variations in crude oil prices in the global market, this reduction comes after previous announcements by the commission.
On November 7, the price of gasoline had already experienced a decrease of 140 yuan ($19.51) per ton, adding to two additional cuts in October, one of 70 yuan ($9.75) and another of 80 yuan ($11.84).
Additionally, the Chinese government has instructed the country’s major oil companies, including China National Petroleum Corporation, China Petrochemical Corporation and China National Offshore Oil Corporation, to maintain production and facilitate transportation to ensure the stability of fuel supply.
(Reference image source: Dawn McDonald)