BEIJING, Oct. 31 (UPI) -- Government-controlled prices for petroleum products like gasoline in China are falling in response to global crude oil prices, data show.
The government cuts retail gasoline prices by 2.8 percent and diesel by 2.9 percent beginning Saturday, analysis from Platts shows.
The government adjusts its retail policies every 10 days in response to movements on the international commodity market.
Crude oil prices have shed about 20 percent of their value since June because of abundant supply and tepid demand.
The International Energy Agency in its monthly market report for October trimmed its prediction for global oil demand by 200,000 barrels per day, citing lower economic growth.
Nevertheless, analysis from Platts earlier this week found Chinese apparent oil demand, a reflection of how much oil goes into domestic refineries combined with net oil product imports, averaged 10.35 barrels per day in September, up 7.4 percent year-on-year.
Platts reported the weekend discount represents the seventh straight discount since crude oil prices started to fall in June.
