Beijing cuts cost of petrol after crude oil falls
The mainland, the world's second-biggest oil consumer, is to cut fuel prices to motorists, in the first adjustment under new controls, after the cost of crude oil fell.
The mainland, the world's second-biggest oil consumer, is to cut fuel prices to motorists, in the first adjustment under new controls, after the cost of crude oil fell.
Retail petrol will fall by 395 yuan (HK$497) a tonne and diesel by 400 yuan, effective today, the top economic planning agency, the National Development and Reform Commission, said on its website yesterday.
The reduction was in line with changes in average global crude costs in the past 10 working days and included an amount from the last price review, it said.
The pump price of 90-RON, China III petrol in Beijing will fall 4 per cent to 7.10 yuan a litre, the NDRC figures show.
The government changed the pricing mechanism for oil products to better reflect movements in international crude costs and reduce speculation, the NDRC said in a statement announcing the measures on March 26.
The first review was on April 10, when the NDRC said the adjustment signalled was too small to be implemented and would be rolled over to the next appraisal.