China to cut gasoline, diesel prices from 16 November
15 November 2012 10:08 [Source: ICIS news]
SINGAPORE (ICIS)--?xml:namespace>China will cut its gasoline price by yuan (CNY) 310/tonne ($50/tonne) and diesel price by CNY300/tonne from 16 November, the National Development & Reform Commission (NDRC) announced on Thursday.
After the reduction, China’s national average retail price of 90-RON (research octane number) gasoline and zero-pour-point diesel will be at CNY9,330/tonne and CNY8,520/tonne, respectively, according to the NDRC.
Under the existing pricing mechanism, fuel prices are adjusted when the 22-day moving average of Brent, Cinta and Dubai crude change by 4% or more.
China last raised its gasoline and diesel prices by CNY550/tonne and CNY540/tonne respectively on 11 September.
The 22-day moving average of the crude basket has dropped by 4.36% since the last adjustment, according to C1 Energy, an ICIS service in China
($1 = CNY6.23) 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.