After raising gasoline prices to US$36 per ton in March, the State Development and Reform Commission said in a notice that gasoline price cuts of US$18 per ton would take effect Tuesday, citing price fluctuations in the global oil market, state media reported. The SDRC said China Petro-Chemical Corp and the China National Petroleum Corp are to determine and then publish the retail prices for gasoline according to the market supply in different regions. The commission also directed pricing supervisory bodies to step up their inspections to punish those who violate pricing rules.
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