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)
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