From AP:
China has cut the price of domestic gasoline by about 4 percent and jet fuel by around 2 percent in response to a decline in world.
China’s main planning agency, the State Development and Reform Commission(ÂõΩÂÆ∂ÂèëÊîπÂßîÔºâ, said in a statement on its Web site Sunday that the price cuts were effective immediately…
However crude oil has lost a third of its value since last summer, when the commodity’s eight-year bull market stumbled after briefly surpassing US$78 a barrel. In 1998, oil traded as low as US$10.35.[Full Text]
Read the original Chinese report here, and the local taxi drivers make comments that the media’s publicity to the high fuel prices put an impact on the official decision to reduce the price.
