China Trims Domestic Fuel Prices as Global Oil Markets Soften Amid Supply Surplus

China’s top economic planner, the National Development and Reform Commission (NDRC), announced a reduction in retail gasoline and diesel prices effective Tuesday. This adjustment reflects recent downward shifts in global crude benchmarks. According to the NDRC, gasoline prices will drop by 170 yuan per tonne (approx. $24.09), while diesel will see a decrease of 165 yuan per tonne.

To safeguard market stability, the NDRC has coordinated with the country’s "Big Three" oil giants—CNPC, Sinopec, and CNOOC—to optimize production and distribution logistics. The commission’s price monitoring center anticipates that international oil prices will remain volatile at lower levels, influenced by a global supply glut and persistent geopolitical uncertainties that continue to weigh on energy markets.