China Cuts Oil Products Prices     

China cuts oil products prices by RMB220 per ton, effective July 29th, the National Development and Reform Commission released July 28th.
   The move was in response to recent falls in global crude prices, according to the statement.
   The prices of gasoline and diesel for the national storage and army applications are decreased by RMB220 per ton to RMB6 510 per ton and RMB5 770 per ton respectively.
   And the set maximum prices of gasoline and diesel supplied to railway and other special enterprises are cut to RMB6 910 per ton and RMB6 170 per ton respectively, from RMB7 130 per ton and RMB6 390 per ton.
   It is the first oil products prices cut since the country adopted a new fuel pricing mechanism, which took effect on January 1st, 2009. The government has raised oil products prices once in March and twice in June.
   In parallel, the country also cut the ex-factory prices of kerosene for aviation applications.