China cuts retail oil prices

Cuts in the retail price of gasoline by 245 yuan per tonne (39.80 U.S. dollars) and that of diesel by 235 yuan from Tuesday, were announced by China's top economic planner on Monday.

The adjustment means the benchmark retail prices drop by 0.18 yuan per liter for gas and 0.2 yuan per liter for diesel, according to the National Development and Reform Commission (NDRC).

A pricing regime that came into effect last year adjusts domestic fuel prices when international crude prices change by more than 50 yuan per tonne for 10 working days.