China cut gasoline and diesel prices by 220 yuan per ton, or 3 percent, effective Wednesday,July 29, to reflect the drop in international crude prices.
A PetroChina Co attendant fills up a customer's car at a gas station in Shanghai. The current round of fuel price adjustments may have little impact on the major oil companies.
This equals price cut of 0.16 yuan per liter in gasoline prices and 0.19 yuan per liter in diesel prices. It is the second price cut on fuel prices this year.
The price cut was in response to recent falls in global crude prices, according to the National Development and Reform Commission (NDRC), the country's top economic planning body.
China adopted a new oil pricing system this year, under which domestic fuel prices would be adjusted when the moving average of a basket of international crude (Brent, Dubai and Cinta) changes more than 4 percent over a period of 22 working days.
