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China lowers fuel prices

China has reduced the retail prices of gasoline and diesel.

China lowers fuel prices

The country's main economic planning body, the National Development and Reform Commission, said in a statement that the price of gasoline was reduced to 290 yuan ($40.88) per ton and diesel to 280 yuan ($39.47) per ton.

The Commission instructed the state-owned China National Petroleum Corporation (CNPC), China Petrochemical Corporation (SINOPEC) and China National Overseas Petroleum Corporation (CNOOC), the country's three largest producers, to maintain oil production and ensure supply stability by facilitating distribution.

Despite the increase in international prices, it is estimated that the large-scale increases in the country's gasoline and diesel imports last month had an effect on the discount.

According to the data of the General Administration of Customs, China imported 1.12 million tons of gasoline and 830 thousand tons of diesel in August. Compared to the same period of the previous year, gasoline imports increased by 97.4 percent and diesel imports increased by 52 percent.

According to the oil price regime implemented in China, the regulatory agency, the National Development and Reform Commission, adjusts the retail oil price in the domestic market every 10 working days according to international prices. If the barrel price of oil in the domestic market rises above 130 dollars or falls below 40 dollars, the price is intervened.

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