BEIJING — China will cut the retail prices of gasoline and diesel starting on Dec 4, the country's top economic planner said on Dec 3.

The prices of gasoline and diesel will go down by 430 yuan (about $67.46) per metric ton and 415 yuan per ton, respectively, according to the National Development and Reform Commission.

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

China's three biggest oil companies, namely China National Petroleum Corporation, China Petrochemical Corporation and China National Offshore Oil Corporation, have been asked to maintain oil production and facilitate transportation to ensure stable supplies.