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.

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