Gasoline prices and diesel prices are set to fall 75 yuan (US$12.4) per metric ton from Friday, the National Development and Reform Commission said in a statement on its website late Thursday. The change equates to a 5 fen per liter cut for gasoline and a 6 fen per liter reduction for diesel, amounting to the smallest price cut in a decade. The commission liberalized the pricing mechanism for oil products in March. Diesel and gasoline prices are reviewed every 10 working days instead of the previous 22 working days, the commission said on March 26.
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