China to lower domestic fuel price caps on June 5
The National Development and Reform Commission announced a reduction in retail price caps for gasoline and diesel by 525 yuan and 505 yuan per ton. This second cut since the start of the Iran war aims to ease consumer costs following a period of weak domestic fuel demand.
The National Development and Reform Commission (NDRC) will lower domestic retail ceiling prices for gasoline and diesel starting Friday. The NDRC announced gasoline price caps will fall by 525 yuan ($77.52) per metric ton, while diesel will drop 505 yuan. The adjustment aims to ease fuel costs for consumers as high energy prices weigh on domestic consumption.
### Fuel Costs Ease Following Global Supply Shifts The NDRC adjustment marks the second price cut since the start of the war in Iran, a conflict that has constrained global energy supplies. The NDRC noted the reduction will save private car owners approximately 20.5 yuan when filling a 50-liter tank. Despite this cut, Beijing has lifted diesel retail prices by 1,530 yuan per ton and gasoline by 1,590 yuan per ton since the conflict began.
