China to reduce gasoline, diesel prices by 440 yuan

This unidentified file photo shows a gas station employee filling up a car in Nanjing, Jiangsu province. SU YANG BEIJING - China will reduce the retail prices of gasoline and diesel from Tuesday based on recent changes in international oil prices, according to the country's top economic planners.

Gasoline and diesel prices will be reduced by 440 yuan about $62.51 per tonne and 425 yuan per tonne, according to the National Development and Reform Commission.

It is China's second consecutive reduction in gasoline and diesel prices since Nov 21, which will reduce the costs for daily and logistics transportation.

If international crude oil prices change by more than 50 yuan per tonne and remain at that level for ten days, the prices of refined oil products such as gasoline and diesel will adjust accordingly, according to China's current pricing mechanism.

The three biggest oil companies in China, the China National Petroleum Corporation, the China Petrochemical Corporation, and the China National Offshore Oil Corporation, have been directed to maintain oil production and facilitate transportation to ensure stable supplies.