China will cut the retail prices of gasoline and diesel on Thursday, based on recent changes in international oil prices, the country’s top economic planner said on Wednesday.
Gasoline prices will be reduced by 235 yuan (US$33) per ton and diesel prices by 225 yuan per ton, the National Development and Reform Commission said.
Under the current pricing mechanism, prices of refined oil products are adjusted in accordance with changes in international crude oil prices.
China’s three biggest oil companies – the China National Petroleum Corporation, the China Petrochemical Corporation, and the China National Offshore Oil Corporation – and its oil refineries have been directed to maintain oil production and facilitate transportation to ensure stable supplies, the commission added.
International oil prices are expected to fluctuate and remain weak in the short term, according to the Price Monitoring Center of the NDRC.