China to cut gasoline, diesel retail prices

China will cut the retail prices of gasoline and diesel from Tuesday based on recent changes in international oil prices, the country's top economic planner said Monday.

Gasoline and diesel prices will be reduced by 480 yuan (about 68.82 U.S. dollars) per tonne and 460 yuan per tonne, respectively, said the National Development and Reform Commission.

In the short term, international oil prices will continue to show a downward trend as the aggressive interest rate hikes in the United States and European countries hurt market confidence in the global economy and demand for crude oil, said the price monitoring center of the top economic planner.

Under China's current pricing mechanism, the prices of refined oil products are adjusted in accordance with international crude oil price changes.

China's three biggest oil companies, namely the China National Petroleum Corporation, the China Petrochemical Corporation, and the China National Offshore Oil Corporation, have been directed to maintain oil production and facilitate transportation to ensure stable supplies.