China will cut the retail prices of petrol and diesel from Wednesday following a decline in global crude oil benchmarks over the past pricing cycle.

The country’s economic planner, the National Development and Reform Commission (NDRC), announced that petrol will be reduced by 555 yuan per tonne, while diesel will drop by 530 yuan per tonne.

According to the commission, although oil prices staged a rebound on April 20 after several days of steep losses, the average price recorded across the 10 working days used for this adjustment was still lower than the previous cycle. China’s fuel pricing system ties domestic pump prices to movements in international crude oil markets over a set review period.

To maintain supply stability during the adjustment, the NDRC directed major state energy firms – China National Petroleum Corporation, China Petrochemical Corporation, and China National Offshore Oil Corporation along with other refineries, to coordinate production and logistics of refined fuel products.

Regional authorities have also been asked to step up inspections and market oversight to prevent pricing violations and ensure order in fuel distribution channels.

China reviews refined fuel prices periodically under a mechanism designed to reflect swings in global oil markets while ensuring domestic supply security.