China Cuts Fuel Prices in First Adjustment Using New Controls

China, the world’s second-biggest oil consumer, cut gasoline and diesel prices in the first adjustment under new controls after crude declined.

Retail gasoline falls by 395 yuan ($64) a metric ton and diesel by 400 yuan, effective today, the National Development and Reform Commission, the country’s top economic planner, said on its website yesterday. The reduction is in line with changes in average global crude costs in the past 10 working days and includes an amount from the last price review, it said. The pump price of 90-RON, China III gasoline in Beijing drops 4 percent to 9,325 yuan a ton, or $4.31 a U.S. gallon, the NDRC figures show.