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 Tuesday.

Gasoline prices will be reduced by 85 yuan (US$11.84) per ton and diesel prices by 80 yuan per ton, the National Development and Reform Commission said.

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

China's three leading oil companies – China National Petroleum Corporation, China Petrochemical Corporation, and China National Offshore Oil Corporation – and other oil refineries have been asked to maintain oil production and facilitate transportation to ensure stable supplies.