Business
20:28, 30-Nov-2018
China to further reduce refined oil prices
Updated
20:17, 03-Dec-2018
["china"]
Share
Copied
The new round of refined oil price adjustment starts on Saturday, marking the third consecutive losses of oil prices.
Gasoline drops 540 yuan (77.75 U.S dollars) per ton, while diesel is down 520 yuan (74.87 U.S. dollars) per ton, according to the National Development and Reform Commission (NDRC).
After the price adjustment, the cost of private car owners and logistics enterprises will be significantly reduced. If fuel tank capacity of a vehicle is 50L, the owner could save approximately 21 yuan (3.02 U.S. dollars) each refueling.
According to the NDRC, the retail prices of domestic gasoline and diesel are linked directly to international oil prices, with a floor price of 40 U.S. dollars per barrel and a ceiling price of 130 U.S. dollars per barrel.
In recent months, the continuous plunge in international oil prices has triggered the downward adjustment in domestic prices. Global oil prices went down due to increased output from Saudi Arabia, forecast-beating U.S. stockpile and softer-than-expected U.S. sanctions against Iran, the NDRC price monitoring center said, predicting the weakness will continue.
(With input from Xinhua News Agency)