Fuel prices fall for sixth time in a row

An attendant filling gasoline onto a car at a Sinopec gas station in Huaibei, Anhui province. For Sinopec, falling oil prices mean lower production costs for its downstream refining and petrochemical business. [Photo/China Daily]

China is to cut fuel prices from Wednesday, the sixth consecutive reduction since June.

The National Development and Reform Commission said retail gasoline prices will go down by 125 yuan ($19.7) per ton and diesel by 120 yuan per ton. The unit price of number 90 gasoline will fall by 9 cents and number 0 diesel will be 1 cent cheaper.

The price cut is within the expectation of analysts despite global crude oil prices making a small rebound in the past couple of days.

Global oil prices have fallen below $50 per barrel, the lowest in more than six years, due to a glut but WTI (West Texas Intermediate) crude prices have risen by 27.5 percent and Brent crude is up 25.5 percent in the past three trading days.