China to cut gasoline, diesel retail prices

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

Gasoline and diesel prices will be reduced by 160 yuan (about 23.11 US dollars) per tonne and 155 yuan per tonne, respectively, said the National Development and Reform Commission.

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

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