China cuts retail oil prices

Xinhua Updated: 2017-03-15 03:46:25
Comment
Share
Share this with Close
Messenger Messenger Pinterest LinkedIn

China will lower the retail prices of both gas and diesel by 85 yuan (12.3 U.S. dollars) per tonne from Wednesday. [File photo: baidu.com]

China will lower the retail prices of both gas and diesel by 85 yuan (12.3 U.S. dollars) per tonne from Wednesday. [File photo: baidu.com]

China will lower the retail prices of both gas and diesel by 85 yuan (12.3 U.S. dollars) per tonne from Wednesday due to falling international prices, according to the country's top economic planner.

It will be the second oil price cut this year, according to the National Development and Reform Commission (NDRC).

China has a pricing regime that adjusts domestic retail oil prices when international crude prices change by more than 50 yuan per tonne during a time span of 10 work days.

Influenced by increasing crude oil reserves in the United States, growing shale oil output and a stronger dollar, international oil prices have fallen sharply recently.

Weak demand will keep oil prices at a relatively low level in the short term, said the NDRC price monitoring center.

So far this year, China has also raised retail oil prices twice, leading to an accumulated reduction of gas and diesel prices both by 35 yuan per tonne.

Share this story on

Most Popular

Photo

Border guards garrison China’s highest-altitude village
Chongqing marks 20 years as municipality
600-year-old historic county being revived begins to take shape
Huge Lingzhi mushroom discovered in east China
Evolution of China-UK relations
Chinese peacekeeping troops return home from Libya

News

[Live Now]China's top legislature concludes annual session
BAIC launches European branch
Over 1.1 mln people affected by natural disasters in February: ministry
China cuts retail oil prices
China has 282 mln rural migrant workers by end of 2016
11 documents to be put to vote at China's annual parliamentary session