Beijing, November 6, 2024 – China will lower its retail prices for gasoline and diesel starting Thursday, following recent changes in global oil prices, the country’s top economic planner announced. The National Development and Reform Commission (NDRC) revealed that gasoline prices will drop by 145 yuan (around $20.42) per tonne, while diesel will be reduced by 140 yuan per tonne.
To support the price cuts, China’s three largest state-owned oil companies—China National Petroleum Corporation, China Petrochemical Corporation, and China National Offshore Oil Corporation—along with local oil refineries, have been instructed to maintain production and ensure the smooth transportation of fuel, ensuring a steady supply.
The price adjustments align with China’s established system, which links domestic fuel prices to changes in global crude oil costs. The NDRC also urged local authorities to step up market supervision and enforcement of national price policies, stressing the need to maintain market order and prevent any price violations.
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