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Fuel prices to be cut

July 10th, 2012 | Global Times

Gasoline and diesel prices will be lowered Wednesday, the third time this year, an official at the National Development and Reform Commission said Monday.

The conditions for a price cut have been met, Zhou Wangjun, deputy director of the NDRC’s pricing department, told CCTV. This is the first time that the NDRC has revealed a price cut before it was officially announced.

The gasoline and diesel price is expected to dip by 350 to 400 yuan ($55 to $63) per ton, or about 0.3 yuan per liter for gasoline, Liao Kaishun, an analyst with C1 energy, told the Global Times Monday.

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Category: China Oil Monitor