China to cut gasoline, diesel retail prices

BEIJING, Dec. 5 (Xinhua) -- China will cut the retail prices of gasoline and diesel from Tuesday based on recent changes in international oil prices, the country's top economic planner said Monday.

Gasoline and diesel prices will reduce by 440 yuan (about 62.51 U.S. dollars) per tonne and 425 yuan per tonne, respectively, said the National Development and Reform Commission.

It is China's second consecutive reduction in gasoline and diesel prices since Nov. 21, which will cut the costs for daily and logistics transportation.

Under China's current pricing mechanism, if international crude oil prices change by more than 50 yuan per tonne and remain at that level for ten working days, the prices of refined oil products such as gasoline and diesel will adjust accordingly.

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