China says it is acting based on international oil markets
While the Federal Government in Nigeria is making efforts to
completely deregulate the downstream sector of the petroleum industry
that will see an increase in pump price of petrol from the current
(official) N97 to at least N141 per litre, the Chinese Government has
for the fourth time this year reduced the price of petrol for its
motorists.
Starting from Friday, Chinese motorists will pay a reduced price for
petrol and diesel. In China, price for petrol per litre has been reduced
by 0.22 yuan (N5.5) while the price per litre of diesel has been
reduced by 0.26 yuan (N6.6).
The price reduction is the fourth in 2012.
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