China to cut gasoline, diesel prices from 9 June
08 June 2012 12:05 [Source: ICIS news]
SINGAPORE (ICIS)--?xml:namespace>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
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial
to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free
trial to ICIS Chemical Business.