Retail fuel prices cut further as global crude woes continue to drag demand

Retail fuel prices will see a further reduction from Wednesday as global woes continue to drag crude rates and the glut in the market continues, the nation's top economic planner said on Tuesday.

The National Development and Reform Commission said that prices of gasoline for retail use will drop by 265 yuan ($42.7) a metric ton, or 0.2 yuan per liter. Diesel prices will also fall by 265 yuan a metric ton.

The adjustment is the sixth cut this year, while domestic retail fuel prices have also seen five hikes. Gasoline prices have gone up by 365 yuan a ton in total, while diesel prices have risen by 295 yuan a ton.