Gasoline prices will be slashed by 170 yuan (about 23.71 U.S. dollars) per tonne and diesel prices by 160 yuan per tonne, the National Development and Reform Commission (NDRC) revealed.
China's three biggest oil companies -- China National Petroleum Corporation, China Petrochemical Corporation and China National Offshore Oil Corporation -- as well as oil refineries, have been directed to maintain oil production and facilitate transportation to ensure stable supplies.
Under the current pricing mechanism, prices of refined oil products are adjusted in accordance with changes in international crude oil prices.
Relevant departments in various regions should intensify market supervision and inspection efforts, and implement strict measures to crack down on activities which violate national price policies to ensure market order, the NDRC said.
