China to lower fuel prices by 3%

A price change is usually triggered when global oil prices move beyond a 4-per-cent range during this periodChina will cut retail ceiling prices for gasoline and diesel by about 3 per cent from Sunday, the first price cut this year, taking prices off record highs at a time when headline inflation eased from three-year highs.Citing the National Development and Reform Commission (NDRC), the country's macro policymaker, official news agency Xinhua said the price cut would be 300 yuan (Dh172.85) per per tonne, confirming an earlier industry report. China sets its retail fuel prices by tracking the prices of a basket of international crude over a 22-working-day cycle.A price change is usually triggered when global oil prices move beyond a 4-per-cent range during this period. According to C1 Energy, which closely tracks the basket of crudes — Dubai, Brent and Cinta -- global oil had fallen 4.09 per cent during the 22-day cycle by October 7.