China again cuts retail gas prices

China's top economic planner on Tuesday announced a cut in the retail price of gasoline by 140 yuan (22.78 US dollars) per tonne and that of diesel by 135 yuan.

The adjustment, to enter effect on Wednesday, means benchmark retail prices will drop to 8,300 yuan per tonne for gas and 7,200 yuan per tonne for diesel, according to the National Development and Reform Commission.

It is the eighth time that retail oil prices have been cut this year. The last cut came on Sept. 1.

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.