China will lower retail gasoline and diesel prices from Tuesday based on recent changes in international oil prices, the National Development and Reform Commission (NDRC) said on Monday. the country’s supreme planning body.
Retail gasoline and diesel prices will drop by 440 yuan (about $62.51) per ton and 425 yuan per ton, respectively, according to NDRC.
This is the second consecutive reduction in gasoline and diesel prices in China since Nov. 21, which will reduce daily transportation and logistics costs.
Under the current pricing mechanism, if international crude oil prices fluctuate by more than 50 yuan per ton and remain at that level for ten working days, the prices of refined products such as gasoline and diesel in China will be adjusted accordingly.
The country’s three largest oil companies, namely China National Petroleum Corporation, China Petrochemical Corporation and China National Offshore Oil Corporation, have been instructed to maintain oil production and facilitate transportation to ensure stable supply.