NDRC reduces fuel prices

China's top economic planner announced on Monday that it will cut the per-ton retail price of gasoline by 245 yuan ($39.2) and diesel by 235 yuan as of Tuesday.

The cut means that benchmark retail prices of gasoline and diesel will drop by about 0.2 yuan per liter, the National Development and Reform Commission (NDRC) said in a statement posted on its website.

It has been the fifth cut, or the biggest decrease rate this year, and follows the most recent cut of 50 yuan per ton for gasoline and diesel on May 9.

Under the current mechanism that became effective in March 2013, prices of oil products are adjusted when a change in international crude oil prices amounts to more than 50 yuan for each ton of gasoline and diesel over 10 working days.