China Cuts Domestic Refined Fuel Prices for the Second Time This Year

China has implemented its second reduction in domestic refined fuel prices for the current year.

The National Development and Reform Commission announced that from 24:00 on June 4th, the prices for gasoline and diesel will be lowered by 525 yuan and 505 yuan per ton, respectively.

This adjustment translates to retail price cuts of 0.41 yuan per liter for 92-octane gasoline, 0.44 yuan per liter for 95-octane gasoline, and 0.43 yuan per liter for 0-grade diesel.

The price reduction is expected to lower fuel expenses for consumers. For instance, filling a 50-liter tank with 92-octane gasoline will now cost approximately 20.5 yuan less than before.

For a typical passenger vehicle traveling 2,000 kilometers per month with an average fuel consumption of 8 liters per 100 kilometers, the owner will save about 31 yuan in fuel costs before the next pricing adjustment window opens on June 18th.

The logistics sector will also see reduced operating costs. A heavy-duty truck traveling 10,000 kilometers per month with a fuel consumption of 38 liters per 100 kilometers is projected to save around 763 yuan in fuel expenses over the next half-month period.

Following this adjustment, the national retail price for vehicle-grade diesel in most regions is expected to range between 8.1 and 8.3 yuan per liter, while the ceiling price for 92-octane gasoline will fall to between 8.2 and 8.3 yuan per liter.

With this latest change, the pattern of fuel price adjustments in China for the year now stands at eight increases, two decreases, and one instance where prices were left unchanged.