Prices of four types of gasoline in Beijing were cut slightly Tuesday for the first time in the past two years.

Prices for the No. 90, No. 93, No. 97 and No. 98 gasoline fuel were cut by an average of 0.13 yuan per liter, a move in accordance with China's latest price-cutting decision, said Zhang Shuangquan, general manager with China National Petroleum Corporation (CNPC)'s Beijing branch.

Gasoline prices always seem to keep increasing, said a woman driver in Beijing. She said the price cut, although not big, will save her at least 70 yuan (8.4 US dollars) a month.

China's State Development and Reform Commission (SDRC) announced Monday that it lowered the price of gasoline by 150 yuan(about 18 US dollars) per ton beginning Tuesday in response to theprice fluctuations in the global oil markets.

Under the decision, China Petro-Chemical Corp. and the CNPC areobliged to set gasoline's retail prices according to the market supply in different regions and have their pricing results published.

SDRC had previously raised the producer price of gasoline by 300 yuan (36 US dollars) per ton in March as a result of the pricehikes for crude oil in global markets. 
 

Source: Xinhuanet