China cuts retail oil prices

China's top economic planner will reduce price of gasoline by 240 yuan (39.1 U.S. dollars) per tonne and diesel by 230 yuan, it said Thursday.

The adjustment, which will come into effect Friday, means benchmark retail price of gasoline will drop by 0.18 yuan per liter and that for diesel down by 0.2 yuan, the National Development and Reform Commission (NDRC) said in a statement.

Under the current mechanism that became effective in March 2013, prices of refined oil products will be adjusted when international crude oil prices can translate into a change of more than 50 yuan for each tonne of gasoline and diesel prices within 10 working days.

The NDRC reduced oil prices twice in January and raised prices twice in February, tracking changes in international crude oil prices.