China is likely to slash gasoline and diesel prices in the coming week due to sluggish domestic demands and a continuing crude price slump in the global market.
The modern industries and living environments are built on the base of traditional energies. A new reality now is if the price of traditional energy, such as oil, coal and natural gas, continues to decline, developing new energy will become a very luxurious action, given the large number of infrastructures to be built to generate and use the new energy.
Latin America failed to convince other member nations of the Organization of Petroleum Exporting Countries (OPEC) earlier to trim production. President Nicolas Maduro added $4 billion he borrowed from China into reserves to help boost investor confidence in the country's economy last month
The plunge in oil prices has undoubtedly helped consumers, especially those who reside in oil-importing and oil-dependent emerging countries in Asia, as the lower fuel prices will certainly contain the cost of living.
