China cuts retail fuel prices

A worker fills up a car with fuel at a gas station in Lianyungang city, East China's Jiangsu province, Feb 9, 2015. [Photo/Xinhua]

BEIJING - China announced on Tuesday that it will cut the retail prices of gasoline and diesel from Wednesday.

The National Development and Reform Commission (NDRC), the nation's top economic planner, said that retail prices of gasoline and diesel will fall by 265 yuan ($43.3) per ton, or 0.2 yuan per liter for gasoline and 0.23 yuan per liter for diesel.

This is the sixth reduction since the beginning of the year.

The NDRC said the cut followed oil prices decrease in international markets over concerns about the Greece debt crisis.

China has a pricing regime that adjusts domestic fuel prices when international crude prices change by more than 50 yuan per ton within a period of 10 working days.