Fuel prices reduced again

China will cut retail prices of gasoline by 365 yuan ($58) per ton, or 0.27 yuan per liter, and for diesel by 350 yuan per ton, or 0.3 yuan per liter, from Tuesday because of falling international oil prices, the central government's economic planning agency said on Monday, the latest in a string of cuts that started in July 2014.

The National Development and Reform Commission, which can adjust price ceilings on a bi-weekly basis, posted the statement on its website.

Authorities have separately raised consumption taxes on fuel three times in recent months.