China to cut retail price of petrol and diesel on falling world prices

BEIJING (Reuters) - China will cut the ceiling on its retail gasoline price by 170 yuan (S$36) per tonne and by 400 yuan per tonne of diesel from Saturday, on falling world oil prices, the powerful economic planning agency said on Friday, its ninth straight cut since July.

Earlier on Friday, the finance ministry raised the consumption tax on gasoline, diesel and other oil products.