China NDRC to Cut Fuel Prices Effective Friday -State Radio

China's National Development and Reform Commission will cut gasoline and diesel prices by 310 yuan a metric ton and CNY300/ton, effective Friday, China National Radio reported on its website Thursday.

The price cut will be the eighth fuel price change this year, it said.

The cuts represent changes of 3.2% and 3.4% over current average gasoline and diesel retail ceiling benchmarks of CNY9,640 and CNY8,820, respectively, according to Dow Jones Newswires calculations.

The exact price ceiling varies by geographic location in China.

NDRC last adjusted gasoline and diesel prices Sept. 11, raising them by CNY550 and CNY540, respectively, to reflect rising international oil prices.

Liyan Qi contributed to this story.