Retail fuel prices to be cut again

Global woes drag crude prices, as demand continues to decline in China

Retail fuel prices will be lowered slightly from Wednesday to better reflect the global fall in crude prices and the glut in the market, the nation's top economic planner said on Tuesday.

The National Development and Reform Commission said that retail prices of gasoline would be cut by 95 yuan ($15.35) a metric ton, or 0.07 yuan a liter, while diesel prices will go down by 90 yuan a ton, or 0.08 yuan a liter. After the price reduction, the benchmark price of 90-octane grade gasoline will be 6.09 yuan a liter.