China will cut the retail prices of gasoline and diesel for the first time this year as international oil prices fell, the country's top economic planner said Wednesday.
Both gasoline and diesel prices will be reduced by 70 yuan (10.2 U.S. dollars) per tonne starting Thursday, according to the National Development and Reform Commission (NDRC).
Analysts attributed the lower international oil prices to recovery of drilling activity in the United States and a stronger U.S. dollar. Under the current pricing mechanism, if international crude oil prices change by more than 50 yuan per tonne and remain at that level for 10 working days, the prices of refined oil products such as gasoline and diesel in China will be adjusted accordingly.
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