China cuts retail oil prices

BEIJING, Jan. 27 (NsNewsWire) — China’s top economic planner on Monday announced the retail price of gasoline would be reduced by 365 yuan (60 U.S. dollars) per tonne and diesel by 350 yuan per tonne, the 13th price slash since July.

The adjustment, which will come into effective on Tuesday, means retail prices will drop by 0.27 yuan per liter for gas and 0.3 yuan per liter for diesel, according to the National Development and Reform Commission, reports Xinhua.

Domestic fuel prices are reduced when international crude prices change by more than 50 yuan per tonne within a 10 working day period