China to cut retail fuel prices

BEIJING - China will lower the per-tonne retail prices of gasoline and diesel by 95 yuan (15.32 US dollars) and 90 yuan, respectively, starting from Friday, the country's top economic planner said Thursday.

The benchmark retail price of gasoline will be lowered by 0.07 yuan per liter and diesel by 0.08 yuan per liter, the National Development and Reform Commission (NDRC) said.

The NDRC last adjusted gasoline and diesel prices on May 10, hiking them both by 95 yuan per tonne 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.