China will lower retail gasoline and diesel prices beginning today, Wednesday.
According to the Xinhua News Agency, the National Development and Reform Commission, the price of gasoline dropped by 205 yuan (approximately 29.92 US dollars) per tonne and diesel dropped by 200 yuan per tonne.
If worldwide crude oil prices fluctuate by more than 50 yuan per tonne and continue at that level for ten working days, the prices of refined petroleum products such as gasoline and diesel in China are changed appropriately.
According to the commission, the three largest Chinese oil companies – China National Petroleum Corporation, China Petrochemical Corporation, and China National Offshore Oil Corporation – as well as other oil processing companies should ensure oil production and transportation to ensure stable supplies.
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