Fuel prices in China went down

Fuel prices in China went down Sunday for the first time this year, a media report said. The wholesale price of gasoline and diesel reduced by 300 yuan ($47) per tonne, said the National Development and Reform Commission.




China Daily said that benchmark retail price of gasoline will be cut by 0.22 yuan per liter and diesel by 0.26 yuan per liter. Commuters were happy with the drop in prices.



"Finally the fuel prices went down. The high prices have made consumers worry, which also levied great pressure on the government," Lin Boqiang at Xiamen University was quoted as saying.



Beijing looks at adjusting domestic refined oil prices when international oil prices change more than four percent within 22 working days. Since 2009, China has adjusted fuel prices 16 times, with 10 price hikes and six reductions. Courtesy: SME TIMES


http://www.bharatpetroleum.com/YourCorner/PetroDailyDetails.aspx?Pnewsid=P000034812