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China sets floor for retail fuel pricing

BEIJING, Jan. 13 (Xinhua) — China will not cut its domestic retail fuel prices when international oil prices fall below 40 U.S. dollars a barrel, the country’s economic planner said on Wednesday.

Previously, China set a ceiling for domestic retail fuel prices, which will not be raised if international oil prices rise above 130 U.S. dollars per barrel.

The floor and ceiling aim to buffer the negative effects of violent fluctuations in international oil prices, according to the National Development and Reform Commission (NDRC).

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