China gasoline price cut seen nudging up demand

Newswire

BEIJING, May 24 (Reuters) - China's decision to reduce retail gasoline prices by 150 yuan a tonne from Tuesday is likely to satisfy both customers and refiners who had feared a bigger cut as global oil prices retrenched, industry sources say. China has been slow to raise product prices in line with rises in international crude markets, but quick to cut them back. The most recent gasoline retail price rise of 300 yuan ($36.25) per tonne on March 23 was the first since August 2004, and ...

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