China will reduce the retail prices of gasoline and diesel starting Wednesday, the country's top economic planner said Tuesday.

Based on changes in international oil prices, the retail prices of gasoline and diesel will be reduced by 465 yuan (about 67.46 U.S. dollars) and 445 yuan per tonne, respectively, the biggest cuts this year, according to the National Development and Reform Commission (NDRC).

Under the current pricing mechanism, if international crude oil prices change by 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 China will be adjusted accordingly.

International crude oil prices slumped in recent days, leading to the cuts. The NDRC predicted that short-term oil prices will be affected by gloomy economic outlook and potential extension in output reduction by OPEC.

The NDRC also demanded that major oil companies, including China National Petroleum Corporation, China Petrochemical Corporation and China National Offshore Oil Corporation, work to ensure a stable supply and implement the pricing policy.

The economic planner said it would closely monitor the effects of the current pricing mechanism and make improvements in response to global fluctuations.