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China cuts retail fuel prices

Xinhua, January 13, 2016 Adjust font size:

China will cut the retail price of gasoline and diesel from Thursday, in line with a slide in global crude prices.

The National Development and Reform Commission (NDRC), the nation's top economic planner, announced Wednesday that gasoline prices will drop by 140 yuan (21.34 U.S. dollars) per tonne, while diesel prices will be cut by 135 yuan per tonne.

Before the cut, the NDRC had suspended price adjustment of domestic refined oil products twice, as it was to improve the oil pricing mechanism introduced in 2013.

Under the mechanism, prices of refined oil products are adjusted when international crude prices translate into a change of more than 50 yuan per tonne for gasoline and diesel prices for a period of 10 working days. Endi