China to cut gasoline, diesel prices from 16 November

15 November 2012 10:08  [Source: ICIS news]

SINGAPORE (ICIS)--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

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