China to cut fuel prices

June 8th, 2012 - 5:19 pm ICT by IANS  

Beijing, June 8 (IANS) China will cut patrol and diesel prices by 530 yuan ($84) and 510 yuan per tonne respectively from Saturday, authorities said.

The move, which marks the second cut since October last year, was taken following a drop in crude oil prices on the global market, Xinhua reported.

The adjustments will lower the benchmark retail price of patrol by 0.39 yuan per litre and diesel by 0.44 yuan per litre, the National Development and Reform Commission said.

The commission last cut the patrol and diesel prices May 10.

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