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China Lowers Gasoline, Diesel Prices

Xinhua. China will lower gasoline and diesel prices by 190 yuan (US$27.8) per tonne from Wednesday, the National Development and Reform Commission (NDRC) announced Tuesday.

The benchmark price of gasoline will be 6,620 yuan a tonne, and for diesel 5,880 yuan a tonne, according to the NDRC. The retail price of gasoline will drop by 0.14 yuan [US$0.02] per liter and that of diesel will decrease by 0.16 yuan [US$0.23] per liter.

Under a new pricing mechanism which took effect on 1 January, the NDRC will consider changing the benchmark retail prices of oil products when the international crude price changes more than 4% over 22 straight working days. The price cut was in accordance with the international price changes, the NDRC said.

Comments

Henry Gibson

The new price will be about $2.35 a gallon for diesel and $2.64 for gasoline. This works out to about 111 dollars per barrel of gasoline.

Coal may be more than ten times cheaper per unit energy. ..HG..

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