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China's gasoline, diesel prices see second largest drop this year
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China's gasoline, diesel prices see second largest drop this year

China's gasoline and diesel retail prices were reduced by 440 yuan ($62.51) per ton and 425 yuan per ton on Tuesday, respectively, said the country's top economy planner.

This is the 23rd reduction in gasoline and diesel prices this year, the second largest decline.

The price of gasoline 92 is estimated to decrease by 0.34 yuan per liter, and gasoline 95 and diesel 0 to fall by 0.36 yuan per liter, respectively.

This means an ordinary car with a 50-liter fuel tank as example would save 17 yuan per tank after the price adjustment, while a large truck with a 160-liter diesel tank would save 57.6 yuan.

As the G7 disputes prices of Russian oil and with the cap possibly flexible, investors' concerns about oil supply are relieved, said Wang Yanting, an analyst from JLC.

The refined oil price will adjust at midnight on Dec. 19. The next round of refined oil price adjustments will see a slight rise, said Li Yan, an analyst from OILCHEM.

As OPEC+ stays firm on production decline, and Russia determines not to export oil and gas to countries that cap energy prices, supply may continue to tighten, so the price may possibly rise, Li believes.

Ecns.cnShen Yi

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