Published on: 2026-07-03
Source: People’s Republic of China in Russian –
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Beijing, July 3 /Xinhua/ – China will reduce retail prices for gasoline and diesel fuel starting Saturday. This is the third consecutive reduction and the largest cut in nearly six years.
According to the State Committee for Development and Reform (SCDR), prices for gasoline and diesel fuel will be reduced by 950 yuan (about 139 US dollars) and 915 yuan per ton, respectively.
This adjustment followed a decline in international crude oil prices from recent highs amid easing tensions in the Middle East and the gradual resumption of shipping through the Strait of Hormuz, explained Tian Lei, head of the Economic Center at the Energy Research Institute of the Chinese Academy of Macroeconomic Research.
According to the current pricing mechanism in China, domestic prices for gasoline and diesel fuel are adjusted every 10 working days in accordance with changes in global crude oil prices.
The price reduction will allow private car owners to save about 40 yuan for a full tank, and truck drivers about 400 yuan per tank, Tian added.
The State Commission on Mineral Resources called on the largest oil producers and oil refining enterprises to ensure a stable supply to the market and to strictly adhere to the state pricing policy.
Energy demand in China continues to grow as the energy consumption structure gradually changes. Official data show that the country’s total energy consumption reached 6.17 billion tons of standard coal equivalent in 2025, an increase of 3.5 percent compared to the previous year. At the same time, crude oil consumption grew by 3.6 percent, and the share of clean energy continued to increase. -0-
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