China lowers retail oil price, marking year's biggest reduction

The retail oil price in China has undergone a new round of adjustment with gasoline falling 250 yuan ($38.57) per metric ton and diesel declining 245 yuan per ton, starting from Tuesday, according to the National Development and Reform Commission.

The adjustment followed a drop in the price of global oil benchmarks between Aug 9 and Aug 20. US West Texas Intermediate crude fell from $66.48 a barrel to $62.32 a barrel in this period. Brent crude declined from $69.04 a barrel to $65.18 a barrel in the same period.

The NDRC's adjustment marked the third time, and also the biggest retail oil price reduction, this year. On average, No 92 gasoline, No 95 gasoline and No 0 diesel, the most frequently used vehicle fuels, are seeing prices fall 0.2 yuan, 0.21 yuan and 0.21 yuan per liter, respectively.