China cut the price of gasoline and diesel for the first time since July, a move that may narrow refiners’ processing margins in the world’s second-largest consumer of oil, Bloomberg reported. Starting Friday, the maximum price of gasoline sold to motorists for has been slashed by US$50 per metric ton and diesel prices by US$48.1 per metric ton, a statement on the website of the National Development and Reform Commission said. The pump price of 90-RON, China lll gasoline, which has a similar standard to Europe lll, will fall 3.1% to US$4.46 per gallon in Beijing, data from the NDRC showed. The cut follows increases in both August and September and may hurt oil companies’ attempts at curbing losses from selling petroleum products at state-controlled prices.
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