BEIJING, Jan. 17 -- China will cut the retail prices of gasoline and diesel on Thursday, based on recent changes in international oil prices, the country's top economic planner said on Wednesday.

Gasoline and diesel prices will both drop by 50 yuan (about 7.03 U.S. dollars) per tonne, according to the National Development and Reform Commission.

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

China's oil companies will continue to ensure a stable supply on the domestic market, the commission said.