China to cut gasoline, diesel retail prices from Wednesday

China will cut the retail prices of gasoline and diesel on Wednesday, the country's top economic planner announced Tuesday.

The prices will go down by 130 yuan (US$19) per ton and 125 yuan per ton, respectively, according to the National Development and Reform Commission (NDRC).

It is the fifth reduction in gasoline and diesel prices this year and the fourth in a row since June 28.

The NDRC said the adjustment would further reduce the traveling cost of vehicles and the transportation cost for the logistics sector.

Under the 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 China will be adjusted accordingly.

The NDRC said China's three biggest oil companies, namely China National Petroleum Corporation, China Petrochemical Corporation, China National Offshore Oil Corporation, and other oil processing companies, should maintain oil production and facilitate transportation to ensure stable supplies.

International oil prices will likely remain weak in the short term, according to the price monitoring center of the NDRC.