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FUEL prices in Shanghai will be lower from today after the government announced a price cut in line with the falling cost of crude oil.

In Shanghai, the ceiling price for 92-octane gasoline will drop to 7.08 yuan (US$1.16) per liter from 7.40 yuan, while a liter of 95-octane will fall to 7.53 yuan from 7.87 yuan.

The new price of diesel will be 6.98 yuan per liter, down from 7.31 yuan.

The government cut gasoline prices by 300 yuan per ton and diesel prices by 290 yuan per ton, the National Development and Reform Commission said yesterday.

The government adjusts fuel prices every two weeks based on global prices. The latest cut was the sixth in a row.