China cuts retail fuel prices again

China's top economic planner on Thursday announced a slash in the per-tonne retail prices of gasoline by 160 yuan (26.09 U.S. dollars) and diesel by 155 yuan, starting from Friday.

The adjustment will lower the benchmark retail prices of gasoline by 0.12 yuan per liter and that of diesel by 0.13 yuan per liter, the National Development and Reform Commission (NDRC) said in a statement on its website.

This marked the third consecutive drop of fuel prices since China adopted a new pricing regime in March stipulating that domestic fuel prices will be adjusted when international crude prices reflect a change of more than 50 yuan per tonne over a period of 10 working days.

The NDRC cited the strengthening U.S. dollar and decreasing fuel demand as major refineries went on seasonal checks as the major reason for the plunge in global oil prices.