The State Development Planning Commission announced on Sunday to cut the factory price of gasoline and diesel oil by 280 yuan (US$33) and 50 yuan (US$6) per ton respectively this month in line with the changes on the international oil market.
The standard retail price starting from Sunday dropped by the same margin. The commission demanded major oil producers to make sufficient supply based on the market demand, and asked oil distributors at different levels to comply with the price criteria.
China started from July last year to coordinate the domestic oil price monthly with the previous-month price on international market. The commission is in charge of the monthly announcement of standard oil price.
Oil companies can have a liberty of adjusting the price within a 5 percent margin up and down.
(Xinhua News Agency 08/13/2001)
