China cuts gasoline, diesel prices

International Business News  –  According to Xinhua News Agency, the National Development and Reform Commission said on 28 June that according to the recent changes in oil prices in the international market and in accordance with the current price formation mechanism for refined oil products, domestic gasoline and diesel prices will be reduced by 320 yuan and 310 yuan per ton respectively from 24:00 on June 28, 2022.

This is the second time since this year that China has reduced the price of gasoline and diesel. The person in charge of the National Development and Reform Commission said, CNPC, Sinopec, CNOOC three major companies and other crude oil processing enterprises to organize the production and transfer of refined oil products to ensure a stable supply of the market, and strictly implement the national price policy. Relevant local departments should increase market supervision and inspection, and severely investigate and deal with the non-implementation of the national price policy to maintain normal market order. Consumers can report price violations through the 12315 platform.

National Development and Reform Commission price monitoring center is expected that the international oil prices will remain at a high level in the short term.