ICYMI – China will cut the retail prices of gasoline and diesel on Friday (i.e. today)

The National Development and Reform Commission of the People’s Republic of China (NDRC) is China’s ‘state planner’.

The NDRC has announced a measure that should serve as a form of stimulus:

• Gasoline and diesel prices will both be reduced by 100 yuan per tonne

This is not a surprise from the NDRC, under the current pricing mechanism, prices of refined oil products are adjusted in accordance with changes in international crude oil prices.