China to cut gasoline, diesel retail prices

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

The prices of gasoline and diesel will go down by 300 yuan (US$44.46) per ton and 290 yuan per ton, respectively, according to the National Development and Reform Commission (NDRC).

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

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.

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

International oil prices are expected to remain weak in the short term, according to the Price Monitoring Center of the NDRC.