China to cut gasoline, diesel retail prices

BEIJING - China will cut the retail prices of gasoline and diesel from Tuesday based on recent changes in international oil prices, the country's top economic planner said on Monday.

Gasoline and diesel prices will be reduced by 175 yuan (about $24.56) per metric ton and 165 yuan per ton, respectively, according to the National Development and Reform Commission.

Under China's current pricing mechanism, if international crude oil prices change by more than 50 yuan per ton and remain at that level for 10 working days, the prices of refined oil products such as gasoline and diesel in the country will be adjusted accordingly.

China's three biggest oil companies, namely the China National Petroleum Corporation, the China Petrochemical Corporation and the China National Offshore Oil Corporation, have been directed to maintain oil production and facilitate transportation to ensure stable supplies.