It is Chinas second consecutive reduction in gasoline and diesel prices since Nov. 21, which will cut the costs for daily and logistics transportation.
Chinas three biggest oil companies, namely the China National Petroleum Corporation, the China Petrochemical Corporation, and the China National Offshore Oil Corporation, have been directed to maintain oil production and cilitate transportation to ensure stable supplies.
Gasoline and diesel prices will reduce by 440 yuan (about 62.51 U.S. dollars) per tonne and 425 yuan per tonne, respectively, said the National Development and Reform Commission.
China will cut the retail prices of gasoline and diesel from Tuesday based on recent changes in international oil prices, the countrys top economic planner said Monday.
File Photo/Liu Guomei (NBD)
Under Chinas current pricing mechanism, if international crude oil prices change by more than 50 yuan per tonne and remain at that level for ten working days, the prices of refined oil products such as gasoline and diesel will adjust accordingly.