China will cut gasoline and diesel retail prices on Wednesday, the National Development and Reform Commission (NDRC) said on Tuesday.
Retail gasoline and diesel prices will drop by 130 yuan (about $19) per ton and 125 yuan per ton, respectively, according to NDRC.
This is the fifth drop in gasoline and diesel prices this year and the fourth consecutive drop since June 28.
Under the current pricing mechanism, if international crude oil prices fluctuate by more than 50 yuan per ton and remain at that level for ten working days, the prices of refined products such as gasoline and diesel in China will be adjusted accordingly.
The country’s three largest oil companies, namely China National Petroleum Corporation, China Petrochemical Corporation and China National Offshore Oil Corporation, must maintain oil production and facilitate transportation to ensure stable supply, NDRC said.
International oil prices are expected to remain weak in the near term, according to the NDRC price monitoring center.