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China will cut gasoline and diesel prices by 220 yuan per tonne from Wednesday, the National Development and Reform Commission announced Tuesday. This follows two big increases in June, which took prices to a record high.
After the cut, retail prices of gasoline will drop by about 0.16 yuan per liter. Diesel prices would be lower by about 0.19 yuan per liter.
According to the government, the price cut was in response to recent decreases in global crude prices.
The Xinhua News Agency reported that this is the sixth fuel price adjustment since the country adopted a new fuel pricing mechanism since the beginning of this year.
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