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China to cut gasoline price

0 Comment(s)Print E-mail CNTV, January 12, 2015
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Many research institutions are expecting China to cut the prices of No. 92 gasoline, which is the commonly used gas in China, at midnight on Monday. They are also predicting that the gasoline prices will be cut by 350 yuan, or 56 dollars per ton. For consumers, it means the No. 92 gasoline prices will drop below five yuan, or 0.8 dollars per litre again in more than five years.

Global crude prices have been dropping, helped largely by OPEC members' refusal to cut production, while facing relatively weak demand. As a result, China is going to adjust its gasoline prices as well. Based on China's adjusting rule, if global oil prices go down for ten consecutive working days, then the government will cut the domestic prices accordingly.

If that happens, this will be the 12th consecutive oil cut in China, since last July. But along with the previous two cuts, China also raised the consumption taxes on oil purchase. Now, the market is worrying, a similar move will be taken along the up-coming oil cut, which will give consumers little space to save money on oil buying.


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