00:00Meanwhile, China has cut its domestic retail price caps for gasoline and diesel.
00:05This marks the first reduction this year as global oil prices ease from recent record highs,
00:12even as tensions linked to the Iran conflict remain unresolved.
00:18The price drop is expected to save a private car owner around US$3.23 when filling a 50-litre
00:26tank.
00:26High fuel prices in recent months have weighed on consumption,
00:30leading to a build-up of inventories at independent refineries.
00:34This has also triggered widespread wholesale price cuts as refiners move to clear stocks.
00:39Beijing had previously raised retail price caps three times since March
00:43when the conflict pushed global oil prices sharply higher.
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