China to cut gasoline, diesel retail prices

China will reduce the retail prices of gasoline and diesel on Friday based on recent changes in international oil prices, the country's top economic planner said Thursday.

Gasoline prices will be slashed by 480 yuan (US$66.59) per ton and diesel prices by 465 yuan per ton, according to the National Development and Reform Commission.

China's three biggest oil companies – China National Petroleum Corporation, China Petrochemical Corporation and China National Offshore Oil Corporation – as well as other oil refineries, have been directed to effectively organize the production and transportation of refined oil products to ensure stable supply.

Under the current pricing mechanism, prices of refined oil products are adjusted in accordance with changes in international crude oil prices.

Relevant departments in various regions should intensify market supervision and inspection efforts. Additionally, they should implement strict measures to crack down on activities that violate national price policies to ensure market order, the NDRC said.