China cuts retail fuel prices

BEIJING -- China will cut retail prices of gasoline and diesel from midnight Thursday, in line with changes in international crude prices.

The National Development and Reform Commission (NDRC), the nation's top economic planner, announced Thursday that gasoline prices would drop by 220 yuan (about $33) per tonne, while diesel prices would be cut by 215 yuan per tonne.

This is the third time this year that the NDRC had cut retail fuel prices. It is also the largest reduction of the year.

Before the latest move, this year the NDRC had cut retail fuel prices twice and raised them four times, as it implements the oil pricing mechanism introduced in 2013.

Under the mechanism, if international crude oil prices change by a price of more than 50 yuan per tonne and remain changed for a minimum period of 10 working days, then refined oil products such as gasoline and diesel are adjusted accordingly.