Beijing: The National Development and Reform Commission, China's top economic planning body, announced a reduction in the retail prices of gasoline and diesel starting from Friday. This decision comes in response to recent fluctuations in global oil prices.
According to Yemen News Agency, the China News Agency (Xinhua) reported that the commission has set the reduction at 525 yuan (approximately 77 US dollars) per ton for gasoline and 505 yuan per ton for diesel. This move aims to align domestic oil prices with the changes observed in the global crude oil market.
China's three largest oil companies-the National Petroleum Corporation of China, China Petroleum and Chemical Corporation, and China National Offshore Oil Corporation-along with other oil refining entities, have been instructed to adjust the production and transportation of refined oil products. These measures are intended to maintain a stable supply in response to the new pricing structure.
Under the current pricing mechanism in China, the adjustment of refined oil product prices is closely tied to the variations in global crude oil prices, ensuring that the domestic market remains responsive to international market dynamics.