Beijing, Nov 17 (IANS) China is set to reduce gasoline and diesel prices by 85 yuan per tonne and 80 yuan per tonne, respectively, from Wednesday.

Retail prices of gasoline and diesel will decrease by 0.06 yuan per litre and 0.07 yuan per litre, respectively, according to a statement released by the National Development and Reform Commission on Tuesday.

The decrease in the benchmark product oil prices is the 11th as well as the smallest margin this year and is in response to recent falls in global crude oil prices, Xinhua news agency reported.

After the adjustment, retail gasoline and diesel prices in Beijing will be 7,210 yuan per tonne and 6,245 yuan per tonne, respectively.

The moving average of the basket of crude oil prices, to which China’s product oil prices are pegged, lost 2.84 percent as of November 16 from the last cycle of fuel prices adjustment.