China to cut gasoline, diesel retail prices on Thursday

China will reduce the retail prices of gasoline and diesel on Thursday, the first such move this year, based on recent changes in international oil prices, the country's top economic planner said on Wednesday.

Gasoline prices will be slashed by 170 yuan (US$23.71) per ton and diesel prices by 160 yuan per ton, the National Development and Reform Commission revealed.

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

Under the current pricing mechanism, prices of refined oil products are adjusted in accordance with changes in international crude oil prices.

Relevant departments in various regions should intensify market supervision and inspection efforts, and implement strict measures to crack down on activities that violate national price policies to ensure market order, the NDRC said.