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China announced a reduction in prices for gasoline and diesel fuel in the domestic market

China Oil Prices HaysFor the second time in the last two weeks, the Chinese government announced a reduction in domestic retail prices for gasoline and diesel fuel.

This is stated in a message published on Monday on the website of the State Committee for Development and Reform of the People's Republic of China.
The cost of a ton of gasoline from December 6 will be reduced by 440 yuan (about $62.8), and diesel fuel - by 425 yuan (about $60.7). After an appropriate adjustment, a ton of gasoline will cost from 9,670 to 10,110 yuan (from $1,381 to $1,444), and the price of diesel fuel will be from 8,740 to 9,080 yuan (from $1,248 to $1,297).
According to the current policy of state regulation of fuel prices in China, if a change in oil quotations on the world market leads to an increase or decrease in the cost of one ton of petroleum products on the domestic market by more than 50 yuan and this situation persists for 10 working days, then gasoline and diesel fuel prices are adjusted.
Gasoline and diesel fuel prices differ in different regions of China, which is due to subsidies allocated by the authorities. The highest are traditionally set in the city of Chengdu, and the lowest are in the Xinjiang Uygur Autonomous Region. Since the beginning of the year, the Chinese authorities have raised the prices of gasoline and diesel fuel in the domestic market a total of 13 times and reduced them nine times, writes TASS.