China to cut retail prices of gasoline, diesel

China will on Tuesday reduce its retail prices of gasoline and diesel to reflect recent changes in international oil prices, the country's top economic planner said on Monday.

Gasoline prices will be cut by 265 yuan (37.39 U.S. dollars) per tonne, and diesel prices will drop by 255 yuan per tonne, according to the National Development and Reform Commission.

China's three largest oil companies -- China National Petroleum Corporation, China Petrochemical Corporation and China National Offshore Oil Corporation -- along with other oil refineries, have been instructed to organize production and transportation of refined oil products efficiently to ensure stable supplies.

Under China's current pricing mechanism, the prices of refined oil products are adjusted based on fluctuations in international crude oil prices.