China to cut gasoline, diesel retail prices

BEIJING, July 25 (Xinhua) -- China will cut the retail prices of gasoline and diesel on Friday, based on recent changes in international oil prices, the country's top economic planner said on Thursday.

Gasoline prices will be reduced by 145 yuan (about 20.33 U.S. dollars) per tonne and diesel prices by 140 yuan per tonne, the National Development and Reform Commission (NDRC) said.

Under the current pricing mechanism, prices of refined oil products are adjusted in accordance with 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 their oil refineries should ensure oil production and facilitate transportation to keep supplies stable, the commission added.

The NDRC's price monitoring center said it expects global oil prices to fluctuate with a downward trend in the short term amid sluggish demand and sufficient supply.