China will reduce the retail prices of gasoline and diesel starting Thursday, the country’s top economic planner announced on Wednesday, in response to recent shifts in international oil prices.
Gasoline will see a price cut of 145 yuan ($20.42) per ton, while diesel prices will drop by 140 yuan per ton, according to the National Development and Reform Commission (NDRC).
To ensure a stable supply of fuel, China’s three largest oil companies – China National Petroleum Corporation, China Petrochemical Corporation, and China National Offshore Oil Corporation – along with other oil refineries, have been instructed to maintain production levels and support transportation efforts.
Under China’s current pricing system, the cost of refined oil products is adjusted based on fluctuations in global crude oil prices.
The NDRC also urged local authorities to step up market monitoring and enforcement to prevent any violations of national price policies, ensuring orderly market conditions across the country.
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