NDRC to slash retail oil prices

China’s National Development and Reform Commission (NDRC) announced that it will cut retail prices of gasoline and diesel fuel starting on June 1. Retail gas prices will be cut by 230 yuan (US$33.67) per ton while retail diesel prices will be reduced by 220 yuan (US$32.21) per ton, according to the announcement. The NDRC attributed the cuts to a drop in international crude oil prices over the past month. This is the second domestic fuel price adjustment this year after gasoline and diesel retail prices each rose by 320 yuan (US$46.85) per ton on April 14. (June 1, 2010)