China to cut retail prices of gasoline and diesel

The government will cut retail prices of gasoline and diesel beginning on Wednesday, China Central Television quoted Zhou Wangjun, deputy director of the National Development and Reform Commission's department of pricing, as saying.

The government is looking for the right time to promote the reform of refined oil prices, he said.

According to China's current pricing mechanism, if the price of a basket of international crude oil changes by more than 4 percent within 22 working days, China may adjust the domestic refined oil price.

The report didn't say how large the price cuts will be.

China Daily - Agencies