The National Development and Reform Commission issued a notice on reducing refined oil prices and decided to cut domestic refined oil prices from midnight on July 11, 2012. Among them, gasoline was cut by 420 yuan/ton, and diesel was lowered by 400 yuan/ton.

This is the fifth adjustment of domestic refined oil prices this year, and it is also the rare third consecutive price cut. On February 8 this year, China ushered in the first increase in refined oil prices during the year. On March 20th, after the price of gasoline and diesel increased by 600 yuan per ton, the domestic supply prices of gasoline and diesel oils were updated to the highest historical value. From May 10th, the price of domestic refined oil was lowered, gasoline was lowered by 330 yuan/ton, and diesel was lowered by 310 yuan/ton. On June 9, the price of oil was cut for the second time, and the price of gasoline and diesel decreased by 530 yuan and 510 yuan per ton respectively.

It is understood that according to China's refined oil pricing mechanism, when the international oil price changes for more than 4% of the mobile weighted average price for 22 consecutive working days, domestic oil prices can be adjusted accordingly.

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