China cuts retail oil prices

A nuclear deal was reached finally between Iran and the International community, which means that the ban of the export of crude oil in Iran will be lifted. Iran crude will come to the already well-supplied oil market. International oil prices affected by that have fallen continuously recently. Domestic retail oil prices will also be cut sharply.

An announcement from the National Development and Reform Commission, retail prices of gasoline and diesel will fall by 265 yuan per tonne, or 0.2 yuan per litter for gasoline and 0.23 yuan per litter for diesel. The price changing time was at 24 o’clock on July 21, 2015. This change means the “three continuous reductions "of retail oil price in China.

This is the sixth reduction since the beginning of the year.

According to China’s oil pricing mechanism, the price can be changed every 10 working days, the next changing time will be at 24 o’clock on August 4, 2015.