China's top economic planner announced on Monday the cuts in the retail price of kby 105 yuan ($17.02) per ton and that of diesel by 100 yuan.

The adjustment, to be effective on Tuesday, means benchmark retail prices will drop to 8,440 yuan per ton for gas and 7,335 yuan per ton for diesel, according to the National Development and Reform Commission.

It is the seventh time that retail oil prices have been cut this year. The last cut came on Aug 18.

A pricing regime that came into effect last year adjusts domestic fuel prices when international crude prices change by more than 50 yuan per ton for 10 working days.