Regulator cuts gasoline and diesel prices

Continued crude levels put pressure on refiners

China's top price regulator announced cuts in retail gasoline and diesel prices on Thursday, the largest drop this year, as global crude prices stayed low.

Gasoline prices will drop by 220 yuan ($33) per metric ton, while diesel prices will go down by 215 yuan per ton. Effective Friday, this is the third consecutive decrease this year in China, according to the National Development and Reform Commission.