China to cut gasoline, diesel retail prices

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

Gasoline prices will be reduced by 340 yuan (US$47.62) per ton, and diesel prices by 330 yuan per ton, the National Development and Reform Commission confirmed.

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

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