Fuel prices to ease amid glut of crude oil supply

Retail fuel prices will be reduced slightly on Tuesday following three successive rises, reflecting a glut of crude oil.

The National Development and Reform Commission, the nation's top economic planner, said on Monday that retail prices of gasoline would be cut by 110 yuan ($17.78) a metric ton, or 0.08 yuan a liter, while diesel prices will go down by 105 yuan a ton, or 0.09 yuan a liter.

After the cuts, the benchmark price of 90-octane grade gasoline will be 5.96 yuan a liter.