China will lower the retail prices of gasoline and diesel from Wednesday, the country's top economic planner said Tuesday.
Based on recent changes in international oil prices, the retail prices of gasoline and diesel will be reduced by 420 yuan (about 60.2 U.S. dollars) and 405 yuan per tonne, respectively, according to the National Development and Reform Commission.
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 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, have been asked to maintain oil production and facilitate transportation to ensure stable supplies.
The economic planner said it would closely monitor the effects of the current pricing mechanism and make improvements in response to global fluctuations.
Editor:Cherie
