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China to lower gasoline and diesel retail prices

OIL PRODUCTS

China will cut the retail and gasoline prices from Dec. 6, amid recent changes in global prices, according to Xinhua.

  • Gasoline prices will decline by 55 y/t (around $7.7/mt) and diesel prices will fall by 50 y/t.
  • Prices of refined products in China are adjusted based on changes in international crude prices.
  • China’s three largest oil companies, the China National Petroleum Corporation, the China Petrochemical Corporation, and the China National Offshore Oil Corporation have been directed to maintain oil production and endure stable supplies, according to Xinhua.

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