China to cut retail fuel prices for 1st time in 2021

China will lower the retail prices of gasoline and diesel from Thursday, the first fuel price cut this year, according to the country's top economic planner.

Based on recent changes in international oil prices, the retail prices of gasoline and diesel will be reduced by 225 yuan (US$34.24) and 220 yuan per ton, respectively, the National Development and Reform Commission said.

The adjustment came after nine consecutive fuel price increases this year.

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

China's three biggest oil companies, namely China National Petroleum Corporation, China Petrochemical Corporation and China National Offshore Oil Corporation, have been asked to maintain oil production and facilitate transportation to ensure stable supplies.