BEIJING, July 7 -- China's top economic planner on Tuesday announced it will lower the retail price of gasoline by 95 yuan (about 15.5 U.S. dollars) per tonne and the price of diesel by 90 yuan.

The adjustment, effective Wednesday, means retail prices will drop by 0.07 yuan per liter for gas, and 0.08 yuan per liter for diesel, according to the National Development and Reform Commission (NDRC).

This is the fifth price reduction since the beginning of the year.

The NDRC said the drop followed a decrease in international oil prices due to rising global supply of the fuel.

China has a pricing regime that adjusts domestic fuel prices when international crude prices change by more than 50 yuan per tonne within a period of 10 working days.