China to cut gasoline, diesel retail prices

BEIJING, June 18 (Xinhua) -- China will lower retail prices of gasoline and diesel from Friday to reflect recent changes in international oil prices, the country's top economic planner said Thursday.

Gasoline and diesel prices will be cut by 515 yuan (about 75.59 U.S. dollars) and 495 yuan per tonne, respectively, according to a statement released by the National Development and Reform Commission (NDRC).

Since the previous domestic pricing adjustment on June 4, international crude oil prices have moved downward amid fluctuations, said Tian Lei, head of the economy center at the Energy Research Institute of the Chinese Academy of Macroeconomic Research.

The average international oil price during the 10 working days considered for this round of adjustment was lower than that recorded in the previous pricing cycle, leading to the domestic price cuts, Tian added.

China's three biggest oil companies -- the China National Petroleum Corporation, China Petrochemical Corporation and China National Offshore Oil Corporation -- and other refineries have been directed to maintain production and facilitate transportation to ensure stable supplies.

The NDRC urged relevant departments in various regions to intensify market supervision and inspection efforts, and implement strict measures to crack down on activities that violate national pricing policies to ensure market order. Enditem