China to cut retail fuel prices

A staff member refuels a car at a gas station in Shijiazhuang, North China's Hebei province, on June 28, 2020. [Photo/Xinhua]

BEIJING - China will reduce the retail prices of gasoline and diesel from Friday, the country's top economic planner said Thursday.

Based on recent changes in international oil prices, the retail prices of gasoline and diesel will be cut by 160 yuan (about $24) and 150 yuan per tonne, respectively, according to the National Development and Reform Commission.

Under the current pricing mechanism, if international crude oil prices change by more than 50 yuan per tonne and remain at that level for 10 working days, the prices of refined oil products such as gasoline and diesel in China will be adjusted accordingly.

China's three biggest oil companies, namely China National Petroleum Corporation, China Petrochemical Corporation and China National Offshore Oil Corporation, have been asked to maintain oil production and facilitate transportation to ensure stable supplies.