China's top economic planner lowered gasoline and diesel prices for the first time this year, according to a statement released on January 10, Xinhua has reported.
The National Development and Reform Commission (NDRC) said the price of gasoline will be lowered by 125 yuan (20.5 US dollars) per tonne, while the diesel price will drop by 120 yuan per tonne starting on Saturday.
The adjustment means the benchmark retail price of gasoline will drop by 0.09 yuan per liter and that of diesel down by 0.1 yuan per liter.
Under a new pricing regime that became effective in March, domestic oil costs will be adjusted when international crude oil prices reflect a change of more than 50 yuan for per tonne of gasoline and diesel over 10 working days.
Copyright: Xinhua, 2014