China Says to Reduce Fuel Prices Wednesday
The National Development and Reform Commission (NDRC) said gasoline prices will be cut by 555 yuan — approximately $80.91 — per tonne, while diesel prices will fall by 530 yuan per tonne.
The adjustment follows significant turbulence in international crude markets since the previous domestic pricing revision on April 7. Despite a notable rebound in oil prices on April 20 after a steep earlier decline, the NDRC noted that the average price across the 10 working days factored into this pricing cycle still came in below levels recorded during the preceding adjustment period.
China's three state energy giants — China National Petroleum Corporation, China Petrochemical Corporation, and China National Offshore Oil Corporation — along with other domestic refineries, have been directed to ramp up production and logistics to ensure a stable and uninterrupted supply of refined fuel products.
Under China's existing pricing framework, refined oil product prices are recalibrated in line with movements in international crude benchmarks.
The NDRC also called on regional government departments to sharpen market oversight and enforcement, issuing a firm directive to crack down on pricing violations and preserve market order as the country navigates ongoing global energy uncertainty.
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