Abu dhabi: China will lower retail gasoline and diesel ceiling prices from Saturday, marking the third straight cut and the biggest reduction in nearly six years, Xinhua News Agency reported.
According to Emirates News Agency, the prices of gasoline and diesel will be cut by 950 yuan (about US$139) and 915 yuan per tonne, respectively, as per the National Development and Reform Commission (NDRC). This adjustment follows a decrease in international crude prices due to easing tensions in the Middle East and a gradual recovery in shipping through the Strait of Hormuz, explained Tian Lei, head of the economy center at the Energy Research Institute of the Chinese Academy of Macroeconomic Research.
Under China's current pricing mechanism, domestic gasoline and diesel prices are adjusted every 10 working days in line with changes in international crude oil prices. The NDRC has urged major oil producers and refiners to ensure stable market supply and strictly implement national pricing policies.