China to cut retail prices of gasoline, diesel

BEIJING, June 4 (Xinhua) -- China will reduce its retail prices of gasoline and diesel starting Friday to reflect recent changes in international oil prices, the country's top economic planner said on Thursday.

Gasoline prices will be cut by 525 yuan (about 77 U.S. dollars) per tonne, and diesel prices will drop by 505 yuan per tonne, according to the National Development and Reform Commission.

China's three largest oil companies -- China National Petroleum Corporation, China Petrochemical Corporation and China National Offshore Oil Corporation -- along with other oil refineries, have been instructed to organize the production and transportation of refined oil products to ensure a stable supply.

Under China's current pricing mechanism, refined oil product prices are adjusted based on fluctuations in international crude oil prices.