China Cuts Oil Products Prices.

The article focuses on the report by the National Development and Reform Commission on regarding the cutting of oil product prices effective on July 29, 2008 in China. The move is in response to the fall of global crude prices, wherein the prices of gasoline and diesel reduced by 220 renminbi per ton to 6,510 per ton and 5, 770 per ton respectively. The price cut is the first since the country adopted a new fuel pricing mechanism, which took effect on J January 1, 2009.