BEIJING, April 21 (Bernama-Xinhua) -- China will reduce retail prices of petrol and diesel from Wednesday to reflect recent changes in international oil prices, the country's top economic planner said on Tuesday
Petrol prices will be cut by 555 yuan (about US$80.91) per tonne, and diesel prices will drop by 530 yuan per tonne, according to the National Development and Reform Commission (NDRC).
Since the previous domestic pricing adjustment on April 7, international crude oil prices have fluctuated sharply. Although oil prices rebounded notably on April 20 after falling steeply in previous days, the average price during the 10 working days considered for this round of adjustment remained lower than that recorded in the previous pricing cycle, the NDRC said.
China's three largest oil companies, China National Petroleum Corporation, China Petrochemical Corporation and China National Offshore Oil Corporation, along with other oil refineries, have been instructed to organise the production and transportation of refined oil products to ensure a stable supply.
Under China's current pricing mechanism, refined oil product prices are adjusted based on fluctuations in international crude oil prices.
Relevant government departments across regions should strengthen market supervision and inspections. Meanwhile, they must take stringent measures to crack down on activities violating national pricing policies and safeguard market order, the NDRC noted. -- Xinhua
