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Market Chatter: China to Slash Domestic Fuel Prices

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Beijing will lower retail gasoline and diesel caps by 525 yuan ($77.52) and 505 yuan per ton effective Friday, June 5, the National Development and Reform Commission reportedly said on Thursday, Reuters reported.

China's second fuel price cut since the outbreak of the Iran war comes as high crude costs and electric vehicle displacement drag domestic oil consumption lower.

The NDRC could not be reached out for a request for comments.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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