China to cut fuel prices from Saturday

China will lower the per-tonne retail prices of gasoline and diesel by 530 yuan (84 U.S. dollars) and 510 yuan, respectively, from Saturday, the National Development and Reform Commission (NDRC) announced Friday.

The move, which marks the second cut since October of last year, was made in response to lower crude prices on the global market, said an official with the NDRC.

The adjustments will lower the benchmark retail price of gasoline by 0.39 yuan per liter and diesel by 0.44 yuan per liter.

NDRC last changed the gasoline and diesel prices on May 10, cutting them by 330 yuan and 310 yuan, respectively.

Under China’s oil product pricing system, introduced in 2009, domestic fuel prices may be adjusted when international crude oil prices change by more than 4 percent over a period of 22 working days.

The NDRC has ordered the country’s three major oil companies to ensure the market supply during the summer peak, the official said, adding that price regulators at different levels will keep a close look over local retail prices.

Xinhua