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China cuts retail fuel prices

Updated: Sep 1,2015 6:48 PM     Xinhua

China announced on Sept 1 that it will cut the retail prices of gasoline and diesel from Sept 2, tracking a continuing slide in global crude prices.

The National Development and Reform Commission (NDRC), the nation’s top economic planner, said retail prices of gasoline will fall by 125 yuan (19.6 U.S. dollars) per tonne, or 0.09 yuan per liter, while that of diesel will drop by 120 yuan per tonne, or 0.1 yuan per liter.

This is the sixth cut since June and the ninth of the year.

Under an oil pricing policy in place since the start of 2013, the NDRC can adjust the price every 10 working days based on changes in the global market, should the change be more than 50 yuan per tonne.