Government cuts fuel prices

Regulators have cut fuel prices for the second time in a month to reflect the decline in global oil prices, as well as cut costs for factories as the country’s economy slows, Bloomberg reported. Gasoline prices will be reduced by US$20.50 per ton and diesel prices by US$23.41 a ton, a statement from the National Development and Reform Commission said. Analysts expect more fuel price adjustments to come as Beijing tries to align gasoline prices with the global market. The government controls fuel prices to limit their impact on inflation. It last cut the ex-factory in December 2008 by up to 18%.