China to cut gasoline, diesel retail prices

BEIJING, April 29 -- China will cut the retail prices of gasoline and diesel on Tuesday, based on recent changes in international oil prices, the country's top economic planner said on Monday.

Gasoline and diesel prices will both drop by 70 yuan (about 9.85 U.S. dollars) per tonne, according to the National Development and Reform Commission.

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

China's three biggest oil companies -- the China National Petroleum Corporation, the China Petrochemical Corporation and the China National Offshore Oil Corporation -- and its oil refineries have been directed to maintain oil production and facilitate transportation to ensure stable supplies, the commission said.