23 August 2019

China may cut refined oil prices by up to 150 yuan/ton, CNS says

The National Development and Reform Commission (NDRC) may announce a fuel-price cut Wednesday following the recent slide in global crude oil prices, China News Service reported. Refined oil products could see their prices cut by up to 150 yuan (US$24.18) per metric ton, it said. Global crude prices fell recently amid the US Federal Reserve’s move to scale back its quantitative easing. Under China’s new oil product pricing mechanism which was introduced in March last year, domestic fuel prices will be adjusted whenever world crude prices change more than 50 yuan (US$8.24) per metric ton over the previous 10 working days.

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