China to cut gasoline, diesel prices from 11 July

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.

After the adjustment, China’s national average retail price of 90-Ron gasoline and zero pour point diesel will be CNY8,700/tonne and CNY7,910/tonne, respectively, according to the 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 CNY530/tonne and CNY510/tonne respectively on 9 June.

($1=CNY6.37)


By: Fanny Zhang
+65 6780 4359



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