China's price-control body, the NDRC, is reducing petrol and diesel prices by 5% from Saturday.
The second cut in a month reflects sharp falls in world crude oil prices. On Thursday, China's central bank cut the cost of borrowing for the first time for four years amid fears of a sharp economic slowdown. Many fear the world's second biggest economy is faltering, and economic data for May, due to be released on 9 June, is expected to be disappointing.
If China is using lowering the price of fuel to stimulate economic growth, then why can't the the UK Govt see this too. Economic growth means more tax revenue to the Treasury and so an easier path to deficit reduction. The common Sense recognized by the huge majority of the UK electorate and our research. FairFuelUK has shown that a cut in fuel duty will generate jobs, stimulate GDP and also ALL at no cost to the Treasury . See the CEBR Report. Its a no brainer!!!!