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China cuts retail oil prices

Updated: Nov 1,2014 9:38 AM     Xinhua

BEIJING -- Top economic planner announced cuts in the retail price of gasoline by 245 yuan per tonne ($39.86) and that of diesel by 235 yuan on Oct 31.

The adjustment, effective on Nov 1, means retail prices will drop by 0.18 yuan per liter for gas and 0.2 yuan per liter for diesel, according to the National Development and Reform Commission.

The cut is the seventh since July, as international crude prices continue to slide.

The latest price cut will bring retail fuel prices to below 7 yuan per liter ($4.34 per gallon) in most regions. In Beijing, the maximum retail price per liter for 92# gas will fall to 6.92 yuan, while diesel price will drop to 6.84 yuan.

China has a pricing regime that adjusts domestic fuel prices when international crude prices change by more than 50 yuan per tonne for 10 working days.