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China to cut retail prices of gasoline and diesel
(MENAFN) China plans to cut retail prices of gasoline and diesel next week, due to the decrease of global crude prices over the past week, QNA reported.
Light, sweet crude for December delivery moved down USD1.08 to settle at USD81.01 a barrel, while December Brent crude reduced USD0.70 to close at USD86.83m, according to local media.
December light, sweet crude decreased 2.1 percent from the October 17 close in New York. The National Development and Reform Commission (NDRC), China's top economic planner, has cut retail gas prices for six times since the beginning of July.
China approved a pricing regime last year that adjusts domestic fuel prices when international crude prices change by more than USD8.14 per ton for 10 working days. This currently represents a change of around USD1.15 per barrel, depending on the grade of crude.
Light, sweet crude for December delivery moved down USD1.08 to settle at USD81.01 a barrel, while December Brent crude reduced USD0.70 to close at USD86.83m, according to local media.
December light, sweet crude decreased 2.1 percent from the October 17 close in New York. The National Development and Reform Commission (NDRC), China's top economic planner, has cut retail gas prices for six times since the beginning of July.
China approved a pricing regime last year that adjusts domestic fuel prices when international crude prices change by more than USD8.14 per ton for 10 working days. This currently represents a change of around USD1.15 per barrel, depending on the grade of crude.
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