February 4, 2020 / 9:38 AM / 13 days ago

China cuts retail gasoline, diesel prices by 5% on global oil slide

SINGAPORE, Feb 4 (Reuters) - China announced on Tuesday it will cut retail ceiling prices for gasoline by 420 yuan ($60.07) per tonne and diesel by 405 yuan, in the first price reduction this year to track falling global oil prices .

The National Development and Reform Commission said the price cuts take effect from Wednesday.

The cuts will represent about 5% on both gasoline and diesel prices, Reuters’ calculations showed based on the fuel prices the state planner published on its website.

$1 = 6.9924 Chinese yuan renminbi Reporting by Chen Aizhu; editing by Jason Neely

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