China cuts retail prices of oil products

China's top economic planner announced on Friday a reduction in the retail price of gasoline and diesel, both by 50 yuan (8.12 U.S. dollars) per tonne as of Saturday.

The cut means that benchmark retail prices of gasoline and diesel will drop by 0.04 yuan per liter, the National Development and Reform Commission (NDRC) said in a statement.

Under the current mechanism that became effective in March 2013, prices of oil products will be adjusted when international crude oil prices can translate into a change of more than 50 yuan for each tonne of gasoline and diesel prices over 10 working days.

Since late April, international oil prices have fallen, partly due to high oil inventories in the United States, the NDRC said.