China to cut retail fuel prices

China will reduce the retail prices of gasoline and diesel starting on Aug 21, the country's top economic planner said on Aug 20.

Based on recent changes in international oil prices, the retail prices of gasoline and diesel will be reduced by 210 yuan (about $30) and 205 yuan per ton, respectively, according to the National Development and Reform Commission.

Under the current pricing mechanism, prices of refined oil products are adjusted when international crude oil price changes translate into a change of no less than 50 yuan per ton for gasoline and diesel prices within a period of 10 working days.

The commission also demanded that major oil companies, including China National Petroleum Corporation, China Petrochemical Corporation and China National Offshore Oil Corporation, work to ensure stable supply and implement the national pricing policy.

The economic planner said it would closely monitor the effects of the current pricing mechanism and make improvements in response to global fluctuations.