China to cut retail fuel prices

China cut the retail prices of gasoline and diesel, the country's top economic planner said. This was reported by The Xinhua News Agency.

Based on recent changes in international oil prices, the retail prices of gasoline and diesel will be decreased by¥ 545 (about $85.3) and ¥530 yuan per tonne, respectively, according to the National Development and Reform Commission.

The move marks the first fuel price cut this year, and also the first cut following seven consecutive fuel price increases.

Under the current pricing mechanism, if international crude oil prices change by more than ¥50 per tonne 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.