SINGAPORE (Reuters) - China announced on Tuesday it will cut retail ceiling prices for gasoline by 420 yuan ($60.07) per tonne and diesel by 405 yuan, in the first price reduction this year to track falling global oil prices.
The National Development and Reform Commission said the price cuts take effect from Wednesday.
The cuts will represent about 5% on both gasoline and diesel prices, Reuters’ calculations showed based on the fuel prices the state planner published on its website.
($1 = 6.9924 Chinese yuan renminbi)
Reporting by Chen Aizhu; editing by Jason Neely