CHINA China to reduce retail oil prices


China to reduce retail oil prices


06:14, February 10, 2018

Image result for China gasoline

China will reduce the retail prices of gasoline and diesel for the first time this year as international oil prices have fallen, the country's top economic planner said Friday. 

The retail prices of gasoline and diesel will drop by 170 yuan (about 27 US dollars) and 160 yuan per tonne, respectively, from Saturday, according to the National Development and Reform Commission (NDRC).

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. 

International oil prices will continue to weaken in the short term as spring is traditionally a low season for crude consumption, the NDRC's price monitoring center said. 

China has raised retail oil prices twice so far this year. 

The NDRC said it would closely monitor the effects of the current pricing mechanism and make changes in response to global fluctuations.

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue