31 May 2010 11:26 [Source: ICIS news]
SHANGHAI (ICIS news)--China will cut gasoline and diesel prices for the first time this year, effective 1 June, in line with recent falls in international crude values, the National Development and Reform Commission (NDRC) said on Monday.
Gasoline prices would be yuan (CNY) 230/tonne ($33.7/tonne) lower at CNY7,190/tonne, while diesel prices would go down by CNY220/tonne to CNY6,460/tonne, according to China's economic planning body.
In April, ?xml:namespace>
Under the scheme, the Chinese government may adjust fuel prices when crude oil costs change more than 4% over 22 working days.
In a separate announcement,
Crude prices fell to as low at $68/tonne this month before recovering back to around mid-$70/bbl levels.
($1 = CNY6.83)
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