China cuts retail oil prices

China's top economic planner announced on Monday cuts in the retail price of gasoline by 190 yuan per tonne (31 U.S. dollars) and that of diesel by 185 yuan.

The adjustment, to be effective on Tuesday, means benchmark retail prices will drop by 0.14 yuan per liter for gas and 0.16 yuan per liter for diesel, according to the National Development and Reform Commission (NDRC).

It is the sixth time retail oil prices have been cut this year. The last cut came on July 22.

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.