Prices of gasoline and diesel will be cut as of Oct. 9, according to China's top economic planner NDRC. [CFP]
China will cut the retail prices for gasoline and diesel by 300 yuan (US$47.17) per tonne starting Oct. 9, said the National Development and Reform Commission (NDRC), China's top economic planner, on Saturday.
Estimates put that the gasoline price will drop by roughly 0.22 yuan per liter and diesel by 0.26 yuan per liter.
The move, the first cut this year, came as a reaction to the volatility of the international crude over the past few months. Analysts said that there will be a greater price change for crude oil in the fourth quarter as Lybia lifts halt on oil export.
NDRC hiked prices of gasoline and diesel by around 5 percent on April 7.
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