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China lowers retail oil price, marking the year biggest reduction

By Liu Yukun | chinadaily.com.cn | Updated: 2021-08-24 14:19

An employee of a gas station in Xingtai, Hebei province, operates a fuel filling facility. [Photo/Xinhua]

The retail oil price in China has undergone a new round of adjustment with gasoline falling 250 yuan ($38.57) per metric ton and diesel declining 245 yuan per ton, starting from Tuesday, according to the National Development and Reform Commission.

The adjustment followed a drop in the price of global oil benchmarks between Aug 9 and Aug 20. US West Texas Intermediate crude fell from $66.48 a barrel to $62.32 a barrel in this period. Brent crude declined from $69.04 a barrel to $65.18 a barrel in the same period.

The NDRC's adjustment marked the third time, and also the biggest retail oil price reduction, this year. On average, No 92 gasoline, No 95 gasoline, and No 0 diesel, the most frequently used vehicle fuels, are seeing prices fall 0.2 yuan, 0.21 yuan, and 0.21 yuan per liter, respectively.

Content created and supplied by: [email protected] (via Opera News )

China Hebei Liu Yukun National Development and Reform Commission Xingtai

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