China will cut retail prices of oil products in light of recent price changes in the international market, the country's top economic planner said Tuesday.
Starting Wednesday, the prices of gasoline and diesel will be lowered by 415 yuan (about 59.2 U.S. dollars) and 400 yuan per tonne, respectively, according to the National Development and Reform Commission (NDRC).
Under the current pricing mechanism, if international crude oil prices change by more than 50 yuan per tonne and remain at that level for 10 working days, the prices of refined oil products in China will be adjusted accordingly.
The NDRC has asked major Chinese oil companies, including China National Petroleum, China Petrochemical and China National Offshore Oil, to ensure a stable supply and implement the 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.