China will reduce retail prices of gasoline and diesel starting on Saturday to reflect recent changes in international oil prices, the country's top economic planner said on Friday.
Gasoline prices will be cut by 950 yuan (about 140 U.S. dollars) per ton, and diesel prices will drop by 915 yuan per ton, marking the largest drop in nearly six years, according to the National Development and Reform Commission (NDRC).
The two previous price adjustments were announced on June 4 and 18.
"With the U.S.-Israel conflict with Iran easing, navigation in the Strait of Hormuz has gradually resumed. After a rapid fall back, international crude oil prices have been fluctuating within a narrow range. The average crude oil price over the 10 working days leading to this price adjustment was mostly lower than that of the 10 working days before the last adjustment. The prices of gasoline and diesel have undergone three consecutive cuts, with diesel prices returning to the 'six-yuan era,'" said Tian Lei, director of the economic center at the energy research institute of the Academy of Macroeconomic Research.
China to cut retail prices of gasoline, diesel
