06 June 2013 10:20 [Source: ICIS news]
SINGAPORE (ICIS)--China will reduce fuel prices in the domestic market by yuan (CNY) 90-95/tonne ($15-16/tonne) from 7 June, to reflect weakening crude values, the National Development and Reform Commission (NDRC) announced on Thursday.
Its average retail price for 90-RON gasoline will be reduced by NCY95/tonne to CNY8,925/tonne, while that of zero pour point diesel will be shaved by CNY90/tonne to CNY8,115/tonne, according to NDRC.
Under the existing scheme, gasoline and diesel prices would be adjusted every 10 working days based on prices of a basket of international crude. Fuel prices would not be adjusted if the changes are less than CNY50/tonne.
($1 = CNY6.13)
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