China to cut gasoline, diesel prices by biggest margin in nearly six years

BEIJING, July 3 (Xinhua) -- China will lower retail gasoline and diesel ceiling prices from Saturday, marking the third straight cut and the biggest reduction in nearly six years.

The prices of gasoline and diesel will be cut by 950 yuan (about 139 U.S. dollars) and 915 yuan per tonne, respectively, according to the National Development and Reform Commission (NDRC).

This adjustment comes after international crude prices fell from recent highs amid easing tensions in the Middle East and a gradual recovery in shipping through the Strait of Hormuz, said Tian Lei, head of the economy center at the Energy Research Institute of the Chinese Academy of Macroeconomic Research.

Under China's current pricing mechanism, domestic gasoline and diesel prices are adjusted every 10 working days in line with changes in international crude oil prices.

The cut will save private car owners about 40 yuan when they go to fill up their gas tanks, while truck drivers could save about 400 yuan per tank, Tian said.

The NDRC urged major oil producers and refiners to ensure stable market supply and strictly implement national pricing policies.

China's energy demand has continued to rise as its energy mix gradually shifts. Official data showed the country's total energy consumption reached 6.17 billion tonnes of standard coal equivalent in 2025, up 3.5 percent year on year, while crude oil consumption rose 3.6 percent and the share of clean energy continued to expand.