China to cut petrol and diesel retail prices

BEIJING, Sep 21 – PRIME. China will lower retail prices for gasoline and diesel fuel by $41.1 and $39.7 per ton from Thursday, respectively, after raising prices at the beginning of the month, according to a report by the State Committee for Development and Reform of the People’s Republic of China.

“In accordance with the latest changes in oil prices on the world market and the current pricing mechanism for petroleum products, from 24.00 on September 21, 2022, domestic gasoline and diesel prices will be reduced by 290 yuan (41.1 dollars) and 280 yuan (39. $7) per ton, respectively,” the agency said in a statement posted on Wednesday.

At the beginning of the month, it was reported that retail prices for gasoline and diesel fuel increased by $27.3 and $26.5 per ton, respectively. However, since June, prices for gasoline and diesel fuel in China have decreased several times since June 29, July 13 and 27, and August 10 and 24. Of these, the largest decline was recorded on July 13, when gasoline and diesel prices fell by $53.5 and $51.3 per ton, respectively.

It is noted that the country’s leading oil refineries – PetroChina, Sinopec, CNOOC and others – must properly organize the production and transportation of petroleum products, ensure the stability of supplies and strictly comply with the state pricing policy.

China’s pricing mechanism for oil products provides that if the price of oil on the world market changes by more than 50 yuan ($7.3) per ton and remains at this level for 10 working days, then the cost of gasoline and diesel fuel in the domestic market is adjusted accordingly.