China to cut gasoline, diesel retail prices

BEIJING, Oct. 24 (Xinhua) -- China will cut the retail prices of gasoline and diesel from Wednesday, based on recent changes in international oil prices, the country's top economic planner said Tuesday.

Gasoline and diesel prices will both be reduced by 70 yuan (about 9.75 U.S. dollars) per tonne, the National Development and Reform Commission said.

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

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