China announced on Tuesday that it will cut the retail prices of gasoline and diesel from Wednesday, tracking a slide in global crude prices.

The National Development and Reform Commission (NDRC), the nation's top economic planner, said the prices of gasoline and diesel will both drop by 125 yuan (19.7 U.S. dollars) per tonne, or 0.09 yuan per liter and 0.11 yuan per liter, respectively for retail price.

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.