(MENAFN) China plans to cut gasoline and diesel prices in the coming week due to sluggish domestic demands and a continuing crude price slump in the global market, QNA reported.
An analyst expected the authorities to lower prices for oil products, the last price lowering in the year after the retail prices decreased by 10 consecutive weeks in a row.
He said that the prices will drop by around USD71 per ton, local media reported. A research note made similar predictions, estimating the price drop will be around USD76.44 to USD79.70 per ton for both gasoline and diesel.
Oil prices are usually announced by the National Development and Reform Commission, China's top economic regulator, and the expected drop may be unveiled on December 27 according to China's oil pricing mechanism.
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