(MENAFN) According to China's top planner, a cut in the retail price of gasoline was announced, cutting it off by USD16.25, while that of diesel cut off by USD15.43, Xinhua reported.
According to the National Development and Reform Commission, the adjustment means retail prices will drop further. The cut has marked the fifth consecutive drop in oil prices.
A pricing regime that came into effect last year adjusts domestic fuel prices when international crude prices change by more than USD8.12 per ton for 10 working days.
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