China cuts retail fuel prices

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

The benchmark retail price of gasoline was lowered by 0.07 yuan per liter and diesel by 0.08 yuan per liter, the National Development and Reform Commission said.

The NDRC last adjusted gasoline and diesel prices on May 10, hiking them both by 95 yuan per ton 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 ton for gasoline and diesel over a period of 10 working days.