China Cuts Retail Gasoline and Diesel Prices by RMB 230 and RMB 220 per Tonne

The National Development and Reform Commission announced that, effective from 24:00 on August 14, the retail ceiling prices of standard-grade gasoline and diesel will be cut by RMB 230 per tonne and RMB 220 per tonne, respectively. The adjustment responds to international market movements since the previous domestic fuel price change on July 31, when global crude prices fell rapidly before fluctuating. The average price over the 10 working days before this adjustment was lower than the 10-day average before the previous adjustment, triggering the cut.

During the adjustment cycle (from 24:00 on July 31 to 24:00 on August 14), international oil prices declined before rebounding. On a national average basis, 92-octane gasoline falls by RMB 0.18 per liter, 95-octane gasoline by RMB 0.19 per liter, and 0-diesel by RMB 0.19 per liter. For a private car with a 50-liter tank, refilling with 92-octane gasoline costs RMB 9 less, directly lowering fuel expenses for motorists.

The NDRC requires crude processors such as PetroChina, Sinopec and CNOOC to arrange production and transportation of refined products to ensure stable market supply, while strictly enforcing national pricing policy. Local authorities will strengthen market supervision and crack down on violations of the pricing rules to maintain orderly market conditions.