Fuel prices fall for sixth time in a row

China Daily (Canada) - - SHANGHAI -

China is to cut fuel prices from Wed­nes­day, the sixth con­sec­u­tive re­duc­tion since June.

The Na­tional De­vel­op­ment and Re­form Com­mis­sion said re­tail ga­so­line prices will go down by 125 yuan ($19.7) per ton and diesel by 120 yuan per ton. The unit price of num­ber 90 ga­so­line will fall by 9 cents and num­ber 0 diesel will be 1 cent cheaper.

The price cut is within the ex­pec­ta­tion of an­a­lysts de­spite global crude oil prices mak­ing a small re­bound in re­cent days.

Un­der an oil pric­ing pol­icy in place since the start of 2013, the NDRC can ad­just the price ev­ery 10 work­ing days based on changes in the global mar­ket, should the change be more than 50 yuan per tonne.

Global oil prices have fallen be­low $50 per bar­rel, the low­est in more than six years, due to a glut but WTI (West Texas In­ter­me­di­ate) crude prices have risen by 27.5 per­cent.

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