BEIJING — China will lower retail prices of gasoline and diesel due to falling international crude prices, the top economic planner announced on Nov 16.

The National Development and Reform Commission (NDRC) announced that gasoline prices will be cut by 365 yuan (about $53.7) per ton and diesel prices by 355 yuan per ton from Nov 17, the largest reduction this year.

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

This year the NDRC has cut retail fuel prices five times and raised them seven times.

A strong US dollar and rising crude oil stock of the United States have led to the slump in international crude prices, said crude oil analyst Li Ye.