China to cut gasoline, diesel retail prices

A staff member refuels a vehicle at a gas station in Congjiang County, southwest China's Guizhou Province, June 28, 2022. (Photo by Luo Jinglai/Xinhua)

BEIJING, Nov. 21 (Xinhua) -- China will cut the retail prices of gasoline and diesel from Tuesday based on recent changes in international oil prices, the country's top economic planner said on Monday.

Gasoline and diesel prices will be reduced by 175 yuan (about 24.56 U.S. dollars) per tonne and 165 yuan per tonne, respectively, according to the National Development and Reform Commission.

Under China's current pricing mechanism, if international crude oil prices change by more than 50 yuan per tonne and remain at that level for 10 working days, the prices of refined oil products such as gasoline and diesel in the country will be adjusted accordingly.

China's 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 facilitate transportation to ensure stable supplies.