BEIJING — China will cut the retail prices of gasoline and diesel on Aug 24, the country's top economic planner announced on Aug 23.

The price of gasoline will drop by 205 yuan (about $29.92) per metric ton and diesel by 200 yuan per ton, according to the National Development and Reform Commission (NDRC).

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.

The NDRC said that China's three biggest oil companies — the China National Petroleum Corporation, the China Petrochemical Corporation and the China National Offshore Oil Corporation — alongside other oil processing companies, should maintain oil production and facilitate transportation to ensure stable supplies.