China to cut gasoline, diesel retail prices

BEIJING -- China will cut the retail prices of gasoline and diesel from Wednesday, based on the recent changes in international oil prices, the country's top economic planner said Tuesday.

Gasoline and diesel prices will dip by 205 yuan ($30) per ton and 195 yuan per ton, respectively, said the National Development and Reform Commission.

It predicted that international oil prices will drop in the short term due to weakening global demand.

Under the current pricing mechanism, the prices of refined oil products are adjusted in accordance with changes in international crude oil price.

China's oil companies will continue to ensure stable supply in the domestic market, according to the commission.