China to cut fuel prices by $32/tonne from 29 July

28 July 2009 12:05  [Source: ICIS news]

GUANGZHOU (ICIS news)--China will cut gasoline and diesel prices by yuan (CNY) 220/tonne ($32/tonne) from 29 July, an economic planner from the National Development & Reform Commission (NDRC) announced on Tuesday.

Although crude oil rebounded in recent sessions, the 22-day moving average of international crude prices had declined to $63.97/bbl from $67.8/bbl on 30 June, when the country last adjusted fuel prices, said the NDRC.

($1 = CNY6.83)

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