China lowers gasoline, diesel prices

• Source: xinhua
• [08:35 July 29 2009]
• Comments

On June 1, post-rise prices were equal to about $50 a barrel, $7.6 lower than the global crude price.

The NDRC raised pump prices of gasoline and diesel by 400 yuan per ton, or 7 percent and 8 percent, respectively, from June 1, and again by 600 yuan per tonne, or 9 and 10 percent, respectively, from June 30.

Such controlled rises were meant to ease the burden of downstream industries so as to help fuel a recovery in the economy, and also to cushion the negative effect of irrational rises in global crude prices, such as raises in investment of speculative capital, according to the statement.

The commission would continue to adjust domestic fuel prices "at an appropriate time", and take into account of changes in global crude prices, domestic economic situation, and demand and supply on the domestic market, said the statement.