Electricity prices for all businesses in agricultural production and logistics will be cut from June 1, the National Development and Reform Commission (NDRC) announced.

Pork and vegetable producers will enjoy the same electricity prices as other agricultural businesses, which are already benefiting from preferential costs.

Agricultural wholesale and farm produce markets, as well as refrigerator storage facilities will be charged the same for electricity as industrial producers.

The move will save 500 million yuan ($80.78 million) annually in the agricultural production and logistics sector. A farm with about 30,000 pigs will save 100,000 yuan ($16,300) on electricity each year.

The move is expected to reduce soaring costs in logistics and further stabilize farm produce prices.