BEIJING - China announced Tuesday that it will cut the retail price of gasoline and diesel from Wednesday.

The National Development and Reform Commission (NDRC), the nation's top economic planner, said retail prices of gasoline will fall by 220 yuan (33.58 U.S. dollars) yuan per tonne (or 0.16 yuan per liter). Prices of diesel will fall by 215 yuan per tonne (or 0.18 yuan per liter).

This is the fourth consecutive reduction since June and the seventh since the beginning of the year.

The NDRC said the cut followed a decrease in oil price across international markets due to an oversupply of crude oil.

China has a pricing regime that adjusts domestic fuel prices when international crude prices change by more than 50 yuan per tonne within a period of 10 working days.