China cut the retail prices of gasoline and diesel from Wednesday, the 6th cut this year | Forexlive

China cut the retail prices of gasoline and diesel, effective today, Wednesday, 14 June 2023.

• This is the sixth cut (so far) this year
• Gasoline and diesel prices will be reduced by 55 yuan (about 7.69 U.S. dollars) per tonne and 50 yuan per tonne

China’s state planner, the National Development and Reform Commission, cited the falling oil price. Under China’s current pricing mechanism, the prices of refined oil products are adjusted following changes in international crude oil prices.

• The NDRC forecast that the international market would continue the weak performance in the short term.

The NDRC added it has directed China’s three biggest oil companies:

• China National Petroleum Corporation
• China Petrochemical Corporation
• China National Offshore Oil Corporation

and also and oil refineries, to maintain oil production and facilitate transportation to ensure stable supplies.