chewlix|China to cut gasoline, diesel retail prices

BEIJINGchewlix, June 13 (Xinhua) -- China will cut the retail prices of gasoline and diesel on Friday, based on recent changes in international oil prices, the country's top economic planner said on Thursday.

Gasoline prices will be reduced by 190 yuan (about 26.7 U.S. dollars) per tonne and diesel prices by 180 yuan per tonne, the National Development and Reform Commission (NDRC) said.

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

China's three biggest oil companies -- the China National Petroleum Corporation, the China Petrochemical Corporation and the China National Offshore Oil Corporation -- and its oil refineries should ensure oil production and facilitate transportation to keep supplies stable, the commission added.

The NDRC's price monitoring center said it expects oil prices to fluctuate with an upward trend in the short term, due to the output cut extension of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, as well as geopolitical instabilities.■