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China cuts gasoline prices
Updated: 2005-05-23 21:23

The State Development and Reform Commission (SDRC) decided to cut the price of gasoline by 150 yuan (about 18 US dollars) per ton beginning Tuesday.

The price cuts are a response to the price fluctuations in the global oil markets, a SDRC notice said. The notice did not say how the cut will effect gasoline retail prices.

China cuts gasoline prices
A Sinopec gasoline station in Yichang, Hubei Province in this picture taken on April 13, 2005. [newsphoto]

The commission required the China Petro-Chemical Corp. and the China National Petroleum Corporation to set gasoline's retail prices according to the market supply in different regions and have their pricing results published on industrial newspaper.

It also called on price supervision departments to launch a tighter inspection drive to punish those who violate pricing rules.

The producer price of gasoline was previously raised by SDRC by 300 yuan (36 US dollars) per ton in March as a result of the price hikes for crude oil in global markets.

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