China has announced a reduction in domestic fuel prices for the first time since the outbreak of the Iran war, aligning with recent changes in global crude oil markets.
The decision was confirmed by the National Development and Reform Commission (NDRC), the country’s top economic planner, which adjusts fuel prices every 10 working days based on international oil price movements, according to a report by BBC.
Under the new pricing structure, retail prices for gasoline and diesel have been lowered across the country. As a result, drivers will see a slight reduction in fuel expenses. Filling a standard 50-liter tank with 92-octane gasoline will now cost about $3 less than before.
The move is expected to ease transportation costs for consumers and businesses, although analysts say the overall impact will depend on future volatility in global energy markets.
