China to reduce retail oil prices

BEIJING - China will reduce the retail prices of gasoline and diesel for the first time this year as international oil prices have fallen, the country's top economic planner said Friday.

The retail prices of gasoline and diesel will drop by 170 yuan (about $27) and 160 yuan per tonne, respectively, from Saturday, 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 oil prices will continue to weaken in the short term as spring is traditionally a low season for crude consumption, the NDRC's price monitoring center said.

China has raised retail oil prices twice so far this year.

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