China announces reduction in gasoline, diesel prices
Date
5/15/2024 9:43:36 AM
(MENAFN) On Wednesday, China's top economic planner, the National Development and Reform Commission (NDRC), announced plans to reduce the retail prices of gasoline and diesel effective Thursday. The decision is based on recent fluctuations in international oil prices, as outlined by the NDRC.
Gasoline prices will see a decrease of 235 yuan per tonne, equivalent to approximately 33 U.S. dollars, while diesel prices will be lowered by 225 yuan per tonne. This adjustment aligns with China's pricing mechanism for refined oil products, which mandates corresponding changes in response to shifts in international crude oil prices.
In conjunction with this price adjustment, the NDRC has instructed China's major oil companies, including the China National Petroleum Corporation, the China Petrochemical Corporation, and the China National Offshore Oil Corporation, along with domestic oil refineries, to uphold oil production levels and facilitate transportation. This directive aims to ensure the stability of oil supplies within the country.
The Price Monitoring Center of the NDRC has forecasted that international oil prices will continue to experience fluctuations and maintain a weakened trend in the short term. This projection underscores the importance of proactive measures by Chinese authorities to manage domestic fuel prices in alignment with global market dynamics.
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