THE country will reduce the retail prices of gasoline and diesel starting today, the country’s top economic planner said yesterday.

Based on changes in international oil prices, the retail prices of gasoline and diesel will be reduced by 465 yuan (US$67.46) and 445 yuan per ton, respectively, the biggest cuts this year, according to the National Development and Reform Commission (NDRC).

Under the current pricing mechanism, if international crude oil prices change by more than 50 yuan per ton and remain at that level for 10 working days, the prices of refined oil products such as gasoline and diesel in China will be adjusted accordingly.

The NDRC also demanded that major oil companies, including China National Petroleum Corp., China Petrochemical Corp. and China National Offshore Oil Corp., work to ensure a stable supply and implement the pricing policy.

The economic planner said it would closely monitor the effects of the current pricing mechanism and make improvements in response to global fluctuations. (Xinhua)