Arab Today, arab today china to cut fuel prices from thursday
Last Updated : GMT 21:46:51
Arab Today, arab today
Arab Today, arab today

China to cut fuel prices from Thursday

Arab Today, arab today

Arab Today, arab today China to cut fuel prices from Thursday

Beijing - QNA

China will lower the per-tonne retail prices of gasoline and diesel by 330 yuan (52.38 U.S. dollars) and 310 yuan, respectively, from Thursday, the National Development and Reform Commission announced Wednesday. The cuts - 330 yuan per tonne for gasoline and 310 yuan per tonne for diesel, according to the National Development and Reform Commission - are the first since October, and are likely to disappoint refiners hoping to benefit from falling crude costs.Some industry analysts said they had hoped that the government would unveil a long-waited revision of its fuel-pricing scheme along with the cuts that would allow domestic fuel prices move more closely with international crude oil costs, reported the Chinese Xinhua news agency. Under the existing fuel-pricing formula, the government can consider lowering fuel prices if a weighted moving average price for a basket of crudes - Brent, Dubai and Cinta - falls more than 4%. The government has never disclosed detailed calculations, fanning speculation over when the trigger point is reached. The price for the crude basket declined 4.01% on May 8 since China\'s last fuel price increase on March 20, according to consultancy C1 Energy.

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