China Cuts Prices

China Cuts PricesChina Cuts Prices

China will cut retail prices for gasoline by 520 yuan ($84) per ton and for diesel by 500 yuan ($81) per tonne from Saturday, on falling world oil prices, the powerful economic planning agency said, Reuters reported. This is its tenth straight cut since July. Authorities have also raised consumptions taxes on oil products such as gasoline and diesel twice this month.