Shanghai's fuel gets cheaper as global crude prices fall

Fuel prices in Shanghai will be cheaper from today after China announced a cut in prices on the heels of falling global crude oil rates.

It is the third consecutive reduction under the central government's price mechanism.

In Shanghai, the ceiling price for 92-octane gasoline will fall to 7.51 yuan per liter from 7.59 yuan, while 95-octane will drop to 7.99 yuan from 8.08 yuan. Diesel will sell for 7.42 yuan per liter in the city.

The central government reduced gasoline price by 105 yuan (US$17.09) per ton and that of diesel by 100 yuan per ton, the National Development and Reform Commission announced yesterday.