China cuts gasoline, diesel retail prices for second time in 2020
BEIJING/SINGAPORE, Feb 18 (Reuters) - China announced on Tuesday it would cut retail ceiling prices for gasoline and diesel for the second time in 2020 to reflect the decline in global oil prices , taking total cuts so far this year to around 10%.
The National Development and Reform Commission said gasoline prices would be reduced by 415 yuan ($59.24) per tonne and diesel by 400 yuan. The state planner said new price cuts would take effect on Wednesday.
It had cut both prices earlier in the month by around 5% on both fuels.
The latest moves represent cuts of about 5% on gasoline and 5.7% on diesel prices, Reuters' calculations showed based on the fuel prices the state planner published on its website.
($1 = 7.0054 Chinese yuan renminbi) (Reporting by Shivani Singh and Aizhu Chen; Editing by Edmund Blair)
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