China to cut gasoline, diesel retail prices

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

Gasoline prices will be reduced by 145 yuan ($20.42) per ton and diesel prices by 140 yuan per ton, the National Development and Reform Commission (NDRC) said.

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

Under the current pricing mechanism, prices of refined oil products are adjusted in accordance with changes in international crude oil prices.

Relevant departments in various regions should intensify market supervision and inspection efforts, and take strict measures to crack down on activities in violation of the national price policies to ensure market order, the NDRC said.