10 July 2012 10:06 [Source: ICIS news]
SINGAPORE (ICIS)--China will cut gasoline and diesel prices by yuan (CNY) 420/tonne ($66/tonne) and CNY400/tonne respectively from 11 July, the National Development and Reform Commission (NDRC) said on Tuesday.
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 CNY530/tonne and CNY510/tonne respectively on 9 June.
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