China Cuts Gasoline, Diesel Retail Prices

China announced on Tuesday it would cut retail ceiling prices for gasoline and diesel for the second time in 2020 to reflect the decline in global oil prices, taking total cuts so far this year to around 10%.

The National Development and Reform Commission said gasoline prices would be reduced by 415 yuan ($59.24) per tonne and diesel by 400 yuan. The state planner said new price cuts would take effect on Wednesday.

It had cut both prices earlier in the month by around 5% on both fuels.

The latest moves represent cuts of about 5% on gasoline and 5.7% on diesel prices, Reuters' calculations showed based on the fuel prices the state planner published on its website.

($1 = 7.0054 Chinese yuan renminbi)

(Reporting by Shivani Singh and Aizhu Chen; Editing by Edmund Blair)