China plans to cut gasoline, diesel prices today
Wednesday, 29 July 2009
SHANGHAI, July 28 (Bloomberg): China will cut gasoline and diesel prices by 220 yuan ($32) per metric ton from tomorrow to reflect a drop in global crude costs, state-run China Central Television said on its Web site today.
"Global crude prices under China's pricing mechanism seem to have fallen to $63.97 a barrel from $67.80 a barrel when the country last increased domestic fuel prices on June 30," China's state radio said separately today.
The Chinese government controls prices under a mechanism introduced in December that takes into account crude-oil costs, taxes and a profit for refiners. China may adjust fuel prices when crude-oil costs change more than 4 per cent over 22 straight working days, the commission said on May 8.
China raised prices of diesel and gasoline by as much as 11 per cent on June 30.
"Global crude prices under China's pricing mechanism seem to have fallen to $63.97 a barrel from $67.80 a barrel when the country last increased domestic fuel prices on June 30," China's state radio said separately today.
The Chinese government controls prices under a mechanism introduced in December that takes into account crude-oil costs, taxes and a profit for refiners. China may adjust fuel prices when crude-oil costs change more than 4 per cent over 22 straight working days, the commission said on May 8.
China raised prices of diesel and gasoline by as much as 11 per cent on June 30.