China cuts retail oil price

China's top economic planner announced on Friday cuts in the retail price of gasoline by 190 yuan (30.95 U.S. dollars) and that of diesel by 180 yuan per tonne.

The adjustment, effective on Saturday, means retail prices will drop by 0.14 yuan per liter for gas and 0.15 yuan per liter for diesel, according to the National Development and Reform Commission.

The cut has marked the eighth of its kind since July.

China has a pricing regime which adjusts domestic fuel prices when international crude prices change by more than 50 yuan per tonne during a time span of 10 working days.