China cuts retail fuel prices

Photo taken on July 6 shows a board displaying fuel prices at a gas station in Beijing. China will cut the retail price of gasoline by 80 yuan ($12.9) per tonne and that of diesel by 75 yuan per tonne from Saturday, the country's top economic planner said. [Photo/Xinhua]

China will cut the retail price of gasoline by 80 yuan ($12.9) per tonne and that of diesel by 75 yuan per tonne from Saturday, the country's top economic planner said on Friday.

The benchmark retail prices of gasoline and diesel will be lowered by 0.06 yuan per liter, the National Development and Reform Commission (NDRC) said.

The NDRC last adjusted gasoline and diesel prices on June 22, hiking them by 100 yuan and 95 yuan, respectively, to reflect rising international crude oil prices.

Under the country's new pricing regime, which came into effect in March, domestic fuel prices are adjusted when international crude prices reflect a change of more than 50 yuan per tonne for gasoline and diesel over a period of 10 working days.