China cuts fuel prices again

(AGI) Beijing, Dec 2 - China cut fuel prices again onWednesday, due to the continuing depreciation of crude oil. TheNational Development and Reform Commission decided to cutpetrol prices by 145 yuan (22.65 US dollars) per tonne (0.11yuan per litre) and 140 yuan (21.87 dollars) for diesel,equivalent to 0.12 yuan per litre. This was the 12th cut infuel prices this year. The only increase came in September lastyear, driven according to the Chinese government planningagency, by the recovery of the U.S. economy and the weakdollar. Based on the mechanism used since March 2013, Chinaadopted a quicker fuel price upgrade system than previously,which takes into account changes in crude oil prices on themarkets over 10 days rather than 22, as it was up to almostthree years ago. The decision to lower or raise the price atthe pump is conditioned by a rise or fall in the price of crudeoil of more than 50 yuan per tonne (7.80 dollars). (AGI) . .