Beijing, China — In a move to adjust to recent global oil price fluctuations, the Chinese mainland is cutting the retail prices of gasoline and diesel starting Tuesday. The country’s top economic planner, the National Development and Reform Commission (NDRC), announced on Monday that gasoline prices will drop by 230 yuan (approximately $32) per tonne, while diesel prices will decrease by 220 yuan per tonne.
The adjustment reflects the Chinese mainland’s commitment to aligning domestic fuel prices with international crude oil trends. Under the current pricing mechanism, prices of refined oil products are adjusted in tandem with global crude oil price changes.
Major oil companies, including China National Petroleum Corporation, China Petrochemical Corporation, and China National Offshore Oil Corporation, have been instructed to ensure stable production and transportation of refined oil products. This measure aims to maintain a steady supply and prevent potential market disruptions.
The NDRC also emphasized the importance of market supervision. Local authorities are urged to intensify inspections and enforce strict measures against violations of national price policies. These efforts are intended to safeguard market order and protect consumers from unfair practices.
This price cut comes as global oil prices have seen significant movement, impacting economies worldwide. For youth and young adults in the Global South, such adjustments could influence market dynamics, potentially affecting fuel prices in their own regions.
