China to cut fuel prices: government

China said that it would slash fuel prices for the third time since May, after growth in the world's second largest economy slowed and softened demand.

The benchmark price for petrol will drop by 5.05 percent to 7,900 yuan ($1,240) a tonne from Wednesday, said the National Development and Reform Commission (NDRC) -- China's top economic planning agency.

The diesel price will drop 5.33 percent to 7,110 yuan per tonne, it said in a statement.

The NDRC said it decided to slash the fuel prices after "taking into account price changes in the international market recently and the economic situation both at home and abroad".

The cut is the third since May 10 and came after the government released data this week indicating growth in the world's second-largest economy was slowing.

China reported on Monday that inflation had slowed to 2.2 percent in June, the lowest level since the start of 2010. It then said on Tuesday that growth in exports and imports had slowed in June, compared with May.

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • What can void a new car warranty? James Deakin - Wheel Power
    What can void a new car warranty?

    "I was denied warranty once for changing my horn!" One very annoyed reader wrote. "I was told that placing a backup camera will void my warranty" said another. The others are best left in my private inbox as Yahoo! have a swear jar in the office that I do not feel like donating this week's pay to. Continue reading → …

  • Docu exposes destruction of PH marine resources VERA Files - The Inbox
    Docu exposes destruction of PH marine resources

    By Kiersnerr Gerwin B. Tacadena, VERA Files “Gutom (hunger),” Sen. Loren Legarda said is what’s in store for the Filipino people if destruction of the country's marine resources is not stopped. Legarda, chair of the Senate committee on Environment and Natural … Continue reading → …

  • ‘Yolanda’ fiberglass boats modern-day Noah’s ark VERA Files - The Inbox
    ‘Yolanda’ fiberglass boats modern-day Noah’s ark

    By Jane Dasal, VERA Files If you want to save the earth, build a boat. That's what a group of environmentalists is saying, especially if you want to save both the forests and fishermen affected by supertyphoon “Yolanda” (Haiyan). “Haiyan … Continue reading → …

Poll Choice Options