China Cuts Fuel Price First Time in 2011 to Tackle Inflation
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China cut fuel prices for the first time this year amid a slump in crude-oil costs and government efforts to tame inflation.
Wholesale gasoline and diesel prices were both reduced by 300 yuan ($47.20) a metric ton, effective yesterday, the National Development and Reform Commission, the nation’s top economic planner, said. That represents a 3.5 percent drop for gasoline and 3.9 percent for diesel, according to prices provided in an Oct. 8 statement by the NDRC.