NDRC cuts retail oil prices

China will cut the retail prices of gasoline by 190 yuan ($30.8) per ton and diesel by 185 yuan per ton starting Tuesday, the country's top economic planner said Monday.

The benchmark retail price of gasoline will be lowered by 0.14 yuan per liter and diesel by 0.16 yuan per liter, the National Development and Reform Commission (NDRC) said in a statement.

A pricing regime that came into effect in 2013 adjusts domestic fuel prices when international crude prices change by more than 50 yuan per ton for 10 working days.

International crude prices have fallen since earlier this month, partly due to sluggish global demand and easing geopolitical tensions, the NDRC said.