24 April 2013 10:17 [Source: ICIS news]
SINGAPORE (ICIS)--China will cut gasoline and diesel prices by yuan (CNY) 395/tonne ($64/tonne) and CNY400/tonne respectively from 25 April to reflect weakening crude values in the international markets, the National Development and Reform Commission (NDRC) announced on Wednesday.
The reduction will drive down the country’s average retail price of 90-Ron gasoline to CNY8,925/tonne and that of zero pour point diesel to CNY8,110/tonne, according to the commission.
This is the first adjustment on fuel prices since 27 March when a new pricing mechanism was introduced.
Under the reformed scheme, gasoline and diesel prices would be adjusted every 10 working days based on the prices of a basket of international crude. However, fuel prices would not be adjusted if the changes are less than CNY50/tonne.
In contrast, adjustment of prices was based a 22-working day average exceeding 4% under the previous pricing mechanism.
($1 = CNY6.18)
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