China lowers gasoline, diesel fuel prices

December 1, 2009

The National Development and Reform Commission (NDRC), China’s top economic planner, lowered gasoline and diesel fuel prices by 190 yuan (US$27.83) per metric ton, according to a statement released by the Commission. The price cut will reduce the benchmark price of gasoline to 6,620 yuan (US$969) per metric ton and that of diesel fuel to 5,880 yuan (US$861) per metric ton. Consequently, the retail price of gasoline will drop by 0.14 yuan (US$0.02) per liter while the retail price of diesel fuel will drop by 0.16 yuan (US$0.02) per liter, according to the statement. The NDRC said the price adjustment is in response to recent changes in international crude oil prices. The benchmark crude, WTI, declined to US$66.84 a barrel on September 28 from about US$72 per barrel in mid-September. (September 30, 2009)

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