Beijing, December 20 (QNA) – China cut the retail prices of gasoline and diesel based on recent changes in international oil prices, after raising them last November.
Gasoline and diesel prices will be reduced by 480 yuan (about $68.82) per ton and 460 yuan per ton, respectively, said the Chinese National Development and Reform Commission.
Last November, China raised the retail prices of gasoline and diesel, by 155 yuan (about 21.44 US dollars) per ton and 150 yuan per ton, respectively.
In the short term, international oil prices will continue to show a downward trend as the aggressive interest rate hikes in the United States and European countries hurt market confidence in the global economy and demand for crude oil, said the price monitoring center of the top economic planner.
Under China’s current pricing mechanism, the prices of refined oil products are adjusted in accordance with international crude oil price changes. (QNA)
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