China to cut gasoline, diesel retail prices

China would cut the retail prices of gasoline and diesel from Thursday, the country's top economic planner said on Wednesday.

According to the National Development and Reform Commission, said that gasoline and diesel prices would be reduced by 290 yuan (about 41.71 dollars) per tonne and 280 yuan per tonne.

Under China's current pricing mechanism, if international crude oil prices change more than 50 yuan per tonne and remain at that level for 10 working days, the prices of refined oil products such as gasoline and diesel in the country would be adjusted accordingly.

China's three biggest oil companies, namely the China National Petroleum Corporation, the China Petrochemical Corporation and the China National Offshore Oil Corporation, have been directed to maintain oil production and facilitate transportation to ensure stable supplies.