BEIJING – China will cut the retail prices of gasoline and diesel starting on Saturday, based on recent changes in international oil prices, the country’s top economic planner said on Friday.

Gasoline and diesel prices will be reduced by 365 yuan about 51.67 U.S. dollars and 350 yuan per tonne, respectively, the National Development and Reform Commission NDRC said.Under the current pricing mechanism, prices of refined oil products are adjusted in accordance with changes in international crude oil prices.

China’s three biggest oil companies the China National Petroleum Corporation, the China Petrochemical Corporation and the China National Offshore Oil Corporation  alongside other oil processing companies, should maintain oil production and facilitate transportation to ensure stable supplies, the commission added. The NDRC’s price monitoring center predicts that global oil prices will fluctuate within a certain range in the short term    (Xinhua)…[+]