The National Development and Reform Commission ("NDRC") has decided to reduce domestic refined oil prices, according to its Circular on Reducing Domestic Refined Oil Prices (the "Circular") as released on September 1. The adjusted prices apply from 24:00pm on September 1, 2014.
The prices of gasoline and diesel were reduced by CNY105 and CNY100 per tonne, respectively. The supply prices of gasoline and diesel upon the adjustment are CNY8,440 and CNY7,335 per tonne, respectively, and it is calculated that the retail prices of 90# gasoline and 0# diesel (national average) were reduced by CNY0.08 and CNY0.09 per litre, respectively, according to the Circular, which has also adjusted the highest prices of gasoline and diesel supplied to special users in traffic, aviation and other sectors by the same amounts. The highest supply prices of standard gasoline and diesel upon the adjustment are CNY8,840 and CNY7,735 per tonne, respectively.