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China cuts retail gasoline, diesel prices by under 3%

China cuts retail gasoline, diesel prices by under 3%

China's National Development and Reform Commission has reduced domestic retail prices of gasoline and diesel by Yuan 245/mt ($39.47/mt) and Yuan 235/mt, respectively, effective midnight Tuesday. This is the first fuel price adjustment since June 23, when they were raised by Yuan 165/mt for gasoline and Yuan 160/mt for diesel. The benchmark retail price of gasoline in Beijing is now Yuan 9,695/mt, representing a 2.5% cut from previously, according to a circular issued by the commission. The retail diesel price in the capital has also fallen by 2.6% to Yuan 8,940/mt. The central government sets benchmark retail prices for both oil products for each region. Under the oil product pricing mechanism, regulated prices are automatically adjusted every 10 working days in line with international crude price fluctuations, unless the resulting price change is less than Yuan 50/mt, roughly equivalent to $1/barrel. If this occurs, the adjustment is rolled over and included in the next price change. The current system is intended to help refiners cut the losses incurred by the government's cap on oil product prices, which were exacerbated when the government previously reviewed prices every 22 days and at times, refused to adjust prices due to inflationary concerns. >>

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