China to cut gasoline, diesel retail prices

China will reduce its retail prices of gasoline and diesel on Tuesday to reflect recent changes in international oil prices, the country's top economic planner said on Monday.

Gasoline and diesel prices will both be reduced by 55 yuan (about 7.77 U.S. dollars) per tonne, the National Development and Reform Commission (NDRC) said.

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 efficiently 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.

Relevant government departments across regions should strengthen market supervision and inspections. Meanwhile, they must take stringent measures to crack down on activities that violate national pricing policies and safeguard market order, the NDRC said.