China cuts retail oil prices

China's top economic planner announced on Wednesday that it will lower the retail price of gasoline by 135 yuan (22 U.S. dollars) per tonne and diesel by 130 yuan as of Thursday.

The cut, the third of this year, means that benchmark retail prices of gasoline will drop by 0.1 yuan per liter and those for diesel by 0.11 yuan, the National Development and Reform Commission (NDRC) said.

Under the current mechanism that became effective in March 2013, prices of oil products will be adjusted when international crude oil prices can translate into a change of more than 50 yuan for each tonne of gasoline and diesel prices over 10 working days.

Since mid-March, international oil prices have fallen partly due to warmer weather that reduced oil demands, the NDRC said.