China cuts retail gas prices

A worker pumps gasoline to a vehicle at a gas station in Chengde, north China's Hebei Province, Sept. 1, 2014. (Xinhua/Wang Xiao)

China's top economic planner announced on Monday the cuts in the retail price of gasoline by 105 yuan (17.02 U.S. dollars) per tonne and that of diesel by 100 yuan.

The adjustment, to be effective on Tuesday, means benchmark retail prices will drop to 8,440 yuan per tonne for gas and 7,335 yuan per tonne for diesel, according to the National Development and Reform Commission.

It is the seventh time that retail oil prices have been cut this year. The last cut came on Aug. 18.

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.