The National Development and Reform Commission, China's top economic planner, cut benchmark pump prices of gasoline and diesel by $42.46 per ton and $26.35 per ton, respectively.
Experts said more frequent price adjustments show China can respond quicker to international oil price changes after a new pricing mechanism took effect January 1, 2009.
Under the new mechanism, China's domestic prices are to be "indirectly linked" to global crude prices "in a controlled manner."
China's government-set fuel prices were formerly changed infrequently. As a result, Chinese drivers were paying more than those in many other countries before the price cut.
Author: Ksenia Kochneva
