China cuts retail oil prices

BEIJING - China's top economic planner announced cuts in the retail price of gasoline by 100 yuan per tonne (16.25 US dollars) and that of diesel by 95 yuan on Monday.

The adjustment, taking effect Tuesday, means benchmark retail prices will drop by 0.07 yuan per liter for gas and 0.08 yuan per liter for diesel, according to the National Development and Reform Commission.

The cut has marked the fifth consecutive drop in oil prices, which declined by 0.6 yuan since the beginning of July.

A pricing regime that came into effect last year adjusts domestic fuel prices when international crude prices change by more than 50 yuan per tonne for 10 working days.