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Retail gasoline and diesel prices were raised for the fourth time this year, but experts said the move will not have a major short-term effect on China's CPI.
Chinese airlines raised fuel surcharges on domestic routes due to rising fuel costs.
China is likely to raise its gasoline and diesel prices this month, as the international crude oil prices to which China's prices are pegged have rised.
China may raise gasoline and diesel prices in August for the first time since March after crude costs rose, a commodity researcher said.
Experts said China's latest fuel price cut won't have a significant impact on living costs, adding that prices may rebound during the next readjustment.
China will slash the gasoline benchmark retail price by 420 yuan a tonne and diesel by 400 yuan per tonne from Wednesday, the third cuts since May.
Gasoline and diesel prices have been cut for the second time in a month amid growing government efforts to reverse a sharp slowdown in the economy.
China will lower the per-ton retail prices of gasoline and diesel by 530 yuan ($84) and 510 yuan, respectively, from Saturday.
China may cut domestic fuel prices by 620 yuan ($97) per metric ton on Saturday, the Shanghai-based commodity researcher C1 Energy said on Thursday.
Beijing will introduce new fuel standards on May 31 that are nearly on a par with the EU V, the first Chinese city to do so.
Beijing will introduce new fuel standards that municipal officials say are nearly on par with the European Union's Euro V on May 31.
The airline industry's profit this year will plunge 62 percent, a bigger drop than predicted in December, as fuel prices rise, the International Air Transport Association said.