China to cut gasoline, diesel prices from 9 June

08 June 2012 12:05  [Source: ICIS news]

SINGAPORE (ICIS)--China will cut its domestic fuel prices effective 9 June, in line with the weakening of international crude prices, the National Development and Reform Commission (NDRC) announced on Friday.

The country's national average retail price of 90-Ron gasoline will be adjusted down by yuan (CNY) 530/tonne ($83/tonne) to CNY9,120/tonne, while diesel prices will be slashed by CNY510/tonne to CNY8,310/tonne, according to NDRC.

Under the existing pricing mechanism, fuel prices would be adjusted when the 22-day moving average of Brent, Cinta and Dubai crude change by 4% or more.

China last reduced its gasoline and diesel prices by CNY330/tonne and CNY310/tonne, respectively, on 10 May.

($1 = CNY6.36)

By: Fanny Zhang
+65 6780 4359

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