China will cut gasoline, diesel prices both by 220 yuan (about $32.4) per ton, as of 12:00 am Wednesday, the National Development and Reform Commission (NDRC), China's top economic planning body, announced Tuesday.

After the price cut, retail prices of gasoline will drop by 0.16 yuan per liter, while that of diesel will be down by 0.19 yuan per liter, according to the NDRC.