China cuts petrol and diesel prices
China has cut petrol and diesel prices at the pump for the first time since the Iran-US war. The National Development and Reform Commission, China’s top economic planning agency, said the decision was made in line with changes in global oil prices.
The commission sets petrol prices based on international crude oil prices every 10 working days. The petrol price cut will save drivers about $3 per 50-litre tank. Beijing has repeatedly raised the maximum retail price of petrol and diesel as oil prices have risen since the Iran war.
