China Cuts Fuel Prices to Lowest Since 2010 as Crude Costs Slide
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China, the world’s second-biggest oil consumer, reduced fuel prices for the third time since May after crude tumbled, easing costs for factories and motorists while threatening profit margins at refiners.
The maximum at which gasoline can be sold at the pump fell by 420 yuan ($66) a metric ton starting today and diesel slid by 400 yuan, the National Development and Reform Commission said in a statement on its website yesterday. The cuts represent a reduction of as much as 4.8 percent, according to Bloomberg calculations based on average retail rates across the country.