China to Cut Retail Price of Gasoline and Diesel

China will cut retail prices for gasoline by 365 yuan ($58) per tonne and for diesel by 350 yuan ($56) per tonne from Tuesday as world oil prices fall, the country’s powerful economic planning agency said on Monday, the latest in a string of cuts that started in July 2014.

The National Development and Reform Commission (NDRC) can adjust the price ceilings for fuel on a bi-weekly basis, under a pricing system in effect since March 2013 that creates a closer link to the global price of crude oil.