China will cut the retail price of gasoline and diesel from Dec 2, tracking a slide in global crude prices.

On Dec 1, the National Development and Reform Commission (NDRC), the nation’s top economic planner, announced gasoline prices will drop by 145 yuan ($ 22.67) while diesel prices will be cut by 140 yuan per tonne, or 0.11 yuan per liter for gasoline and 0.12 yuan per liter for diesel.

The decrease marks the 12th cut in benchmark product oil prices this year.

Under an oil pricing policy in place since the start of 2013, the NDRC can adjust the price every 10 working days based on changes in the global market, should the change be more than 50 yuan per tonne.