China To Cut Gasoline and Diesel Retail Prices Amid Weaker Demand

Chinese news agency, Xinhua, has reported that China's National Development and Reform Commission will cut gasoline and diesel prices by 440 yuan (about $62.51) per tonne and 425 yuan per tonne, respectively starting Tuesday.  Beijing has also directed the country’s three biggest oil companies, namely the China National Petroleum Corporation, the China National Offshore Oil Corporation and the China Petrochemical Corporation to maintain oil production and facilitate transportation to ensure stable supplies. This marks the second consecutive…