Latest News:  
Beijing   Light rain/Sunny    11 / 4 ℃  City Forecast

English>>China Business

Lower prices at the pumps after cost of crude oil falls

By Feng Jianmin (Shanghai Daily)

08:13, November 16, 2012

MOTORISTS will pay less at the pumps from today after fuel prices have been cut by more than 3 percent, the first cut since July, in response to lower international crude oil prices.

Gasoline drops by 310 yuan (US$49.69) a ton and diesel by 300 yuan a ton, effective from today, the National Development and Reform Commission, which sets energy prices in China, said yesterday. That represents average cuts of 3.2 percent and 3.4 percent respectively.

In Shanghai, the ceiling retail price for 93-octane gasoline is now 7.75 yuan per liter, down from 8 yuan, 97-octane gasoline falls to 8.24 yuan from 8.51 yuan and zero-grade diesel is now 7.66 yuan, down from 7.92 yuan, the local price authority said.

Fuel prices vary from province to province.

Under the NDRC's pricing mechanism, fuel prices can be adjusted when the 22-day moving average of a basket of international crude changes more than 4 percent from the previous adjustment, though it also looks at other factors, such as inflation.

The basket of crude fell 4.36 percent as of Wednesday since China last adjusted prices on September 11, according to consultancy C1 Energy, due to worries over the "fiscal cliff" in the US - the combination of expiring tax cuts and across-the-board government spending cuts due on December 31 - as well as weak demand from major economies including China and Japan.

The September price adjustment raised gasoline prices by 550 yuan per ton and diesel by 540 yuan.

"I heard days ago that the NDRC may cut gas prices really soon, so I filled up only half the tank during each refuel," a Shanghai taxi driver surnamed Zhang said yesterday. "I'm almost running out of oil and the announcement is finally there."

【1】 【2】

We recommend:

A Decade of Fastest Development

Eastern Boom Lightens Western Gloom

Chinese firms 'potential Trojan horses'? slows

Gold collection issued to mark 'Year of Snake'

Oct. data released, inflation slows

13th Int'l Automobile Industry Exhibition

China Int'l Industry Fair opens in Shanghai

Caofeidian coal wharf put into use

Galaxy Soho building in Beijing


Leave your comment0 comments

  1. Name


Selections for you

  1. China’s J-10 fighters give performances

  2. Daily Review of Airshow China

  3. Sky-gazers gather in N. Australia

  4. 'Gangnam style' life of young rich

  5. Luxurious antique style vessel with 5D cinema

  6. Galaxy Soho building in Beijing

  7. Su embroidery: stunning Chinese folk arts

  8. Who looks better?

Most Popular


  1. China should change growth model
  2. Bell Helicopter identifies China as strongest market
  3. RQFII quota expansion to bolster stock market
  4. IPR pirates face tougher prison terms
  5. Why 'Diaosi' gets so popular in China
  6. Reliance on investment should be reduced
  7. Live and let learn
  8. Coddled kids in need of tougher sports
  9. Commentary: Turning point for growth
  10. Airline outlook: Less turbulence, more profit

What’s happening in China

'Gangnam style' life of young rich in Chongqing

  1. Police warn seniors about telecom scams
  2. Wedding gifts on school uniforms?
  3. Tiger' parenting more like folk prescriptions
  4. Dead mosquitoes lead to road accident
  5. Rhinestone motorist fails to impress police