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The National Development and Reform Commission (NDRC) decided to cut the price of gasoline by 150 yuan (about US$18) per ton beginning Tuesday.
The price cuts are a response to the price fluctuations in the global oil markets, a SDRC notice said. The notice did not say how the cut will effect gasoline retail prices.
The commission required the China PetroChemical Corp. and the China National Petroleum Corporation to set gasoline's retail prices according to the market supply in different regions and have their pricing results published on industrial newspaper.
It also called on price supervision departments to launch a tighter inspection drive to punish those who violate pricing rules.
The producer price of gasoline was previously raised by NDRC by 300 yuan (US$36) per ton in March as a result of the price hikes for crude oil in global markets.
(Xinhua News Agency May 24, 2005)
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