China lowers retail fuel prices

China will reduce the retail prices of gasoline and diesel from Tuesday, the second cut this month, the National Development and Reform Commission announced on Monday.

The retail prices of gasoline and diesel will both go down by 55 yuan (about US$8.41), according to the NDRC.

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 are adjusted accordingly.

The NDRC has asked major Chinese oil companies, including China National Petroleum, China Petrochemical, and China National Offshore Oil, to ensure stable supply and pricing.

The NDRC said it would closely monitor the effects of the current pricing mechanism and make changes in response to global fluctuations.

The price monitoring center under the NDRC said it expects international crude prices to remain volatile in the short term, and that attention should be paid to OPEC crude oil supplies and impacts from geopolitical conflicts in the Middle East.