China lowers retail prices for gasoline and diesel fuel

Beijing. June 28. Silkroadnews - China has reduced retail prices for gasoline and diesel fuel for the second time in a month, the National Development and Reform Commission (NDRC) reports, Sina.com reports.
According to the NDRC, the retail prices for gasoline and diesel fuel will fall by 55 yuan (about $8.41).
In China, as provided by the current pricing mechanism, if international crude oil prices change by more than 50 yuan per tonne and remain at that level within 10 working days, the prices for petroleum products, such as gasoline and diesel, are adjusted accordingly.
The NDRC turned to major Chinese oil companies, including China National Petroleum, China Petrochemical and China National Offshore Oil, to ensure a stable supply and pricing.
The NDRC said it would closely monitor the situation taking into account the current pricing mechanism and make changes in response to global price fluctuations.
The price monitoring center at the NDRC said it expects that international oil prices will remain unstable in the short term and that attention should be paid to the supply of OPEC oil and the consequences of geopolitical conflicts in the Middle East.