BUSINESS China cuts gasoline prices starting Saturday

BUSINESS

China cuts gasoline prices starting Saturday

Global Times

14:03, June 10, 2018

From Saturday, the retail price of gasoline will be cut by 130 yuan ($20.3) a ton and diesel by 125 yuan a ton, the National Reform and Development Commission announced on Friday.

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The first-phase natural gas pipeline system between Zunyi, a city of Southwest China's Guizhou Province, and Hezhang county, in Guizhou's Bijie city, gets fired up. The system is a key part of the 514.4-kilometer natural gas pipeline project across Bijie city. Upon completion of the whole project, with an investment of 2 billion yuan ($312.3 million), industries and Bijie's 9 million residents will finally be able to enjoy pipeline gas. (Photo: VCG)

China will cut the price of gasoline to between 7.2 and 7.4 yuan a liter for 92-octane and the price of diesel to below 7 yuan in most cities, China Central Television (CCTV) reported.

For a car with a 50-liter fuel tank, a full tank of 92-octane gasoline will come in about 5 yuan cheaper.

The next adjustment opportunity will come on June 25, with oil prices likely to remain unchanged or slightly rise, CCTV reported, citing Li Yan, an industry analyst at oilchem.net.

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