China will cut the retail prices of gasoline and diesel from Wednesday, based on the recent changes in international oil prices, the country's top economic planner said Tuesday.

A staff member refuels a car at a gas station in Zaozhuang, east China's Shandong Province, Jan. 17, 2023. (Photo by Sun Yang/Xinhua)

Gasoline and diesel prices will dip by 205 yuan (about 30 U.S. dollars) per tonne and 195 yuan per tonne, respectively, said the National Development and Reform Commission.

It predicted that international oil prices will drop in the short term due to weakening global demand.

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

China's oil companies will continue to ensure stable supply in the domestic market, according to the commission.