China to cut fuel prices for 4th time this year

Gasoline and diesel prices will be cut for the fourth time this year from Friday morning. Gasoline prices will be cut by 310 yuan ($49.7) a metric ton, or 0.22 yuan a liter, and diesel prices by 300 yuan a ton, or 0.26 yuan a liter, the National Development and Reform Commission said on Thursday.

The price cuts come a little later than analysts expected and with crude oil prices dropping close to the price-adjustment threshold. Under the current pricing system, fuel prices can be adjusted when the average price of Brent, Cinta, and Dubai crude move by more than 4 percent over 22 working days.

The previous price adjustment in China was in September, when the price of gasoline was raised by 550 yuan a ton and diesel by 540 yuan a ton.