BEIJING — China will cut the retail prices of gasoline and diesel from July 24, the country’s top economic planner announced on July 23.
The retail prices of gasoline and diesel will go down by 125 yuan ($18.49) and 120 yuan per ton, respectively, according to the National Development and Reform Commission (NDRC).
Under the current pricing mechanism, if international crude oil prices change by more than 50 yuan per ton and remain at that level for ten working days, the prices of refined oil products such as gasoline and diesel in China will be adjusted accordingly.
The NDRC has asked major Chinese oil companies, including China National Petroleum, China Petrochemical, and China National Offshore Oil, to ensure a stable supply and pricing.
The NDRC said it would closely monitor the effects of the current pricing mechanism and make changes in response to global fluctuations.
The price monitoring center under the NDRC said international crude prices could bounce back in the short term if geopolitical conflicts intensify or OPEC crude oil supplies fail to meet expectations.