China will lower the per-tonne retail prices of gasoline and diesel by 330 yuan (52.38 U.S. dollars) and 310 yuan, respectively, from Thursday, the National Development and Reform Commission (NDRC) announced Wednesday.
The move, which marks the first cuts since October of last year, was made in response to lower crude prices on the global market.
The adjustments will lower the benchmark retail price of gasoline by 0.24 yuan per liter and diesel by 0.26 yuan per liter, the NDRC said.
NDRC last changed the gasoline and diesel prices on March 20, raising them by 600 yuan per tonne.
Under China’s oil product pricing system, introduced in 2009, domestic fuel prices may be adjusted when international crude oil prices change by more than 4 percent over a period of 22 working days.