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10.10.2011

China Announces Cut In Fuel Prices

China Saturday said it would cut the price of diesel and petrol by 300 yuan ($47) a tonne, its first price reduction in 16 months.

Petrol prices would be cut by 0.22 yuan per litre (13 cents a US gallon) and diesel by 0.26 yuan per litre, the official Xinhua news agency said, citing the National Development and Reform Commission, the main economic planning body.

The price cut is the first in China since June 1, 2010, Xinhua said, and comes as the government is fighting high inflation.

The price of a barrel of oil has fallen to its lowest point in a year in New York as fears continue over the European debt crisis and the possibility of a double-dip global recession.

China is the the biggest energy consumer in the world, and the second biggest consumer of oil.

Copyright 2011, AFP. All rights reserved.

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