China to cut gasoline, diesel prices from 27 March

26 March 2013 09:51  [Source: ICIS news]

SINGAPORE (ICIS)--China will reduce prices of gasoline by yuan (CNY) 310/tonne ($50/tonne) and that of diesel by CNY300/tonne from 27 March, the National Development & Reform Commission (NDRC) announced on Tuesday.

The reduction will drive down the country’s average retail price of 90-RON gasoline to CNY9,320/tonne and that of zero pour-point diesel to CNY8,510/tonne, according to the commission.

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.

The 22-day moving average of the crude basket has decreased by 5.41% since the last adjustment, according to C1 Energy, an ICIS service in China

China last raised its gasoline and diesel prices by CNY300/tonne and CNY290/tonne respectively on 25 February.

($1 = CNY6.21)


By: Fanny Zhang
+65 6780 4359



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