China's top economic planner on Tuesday announced a cut in the retail price of gasoline by 140 yuan ($22.78) per ton and that of diesel by 135 yuan.

The adjustment, to enter effect on Wednesday, means benchmark retail prices will drop to 8,300 yuan per ton for gas and 7,200 yuan per ton for diesel, according to the National Development and Reform Commission.

It is the eighth time that retail oil prices have been cut this year. The last cut came on Sept 1.

A pricing plan 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.