OREANDA-NEWS. October 14, 2011. Gasoline and diesel prices are reduced for the first time this year, as oil and gas prices in international market continue to fall.

The wholesale price of regular gasoline and diesel prices declines by 300 yuan (USD 47) per ton, according to the National Development and Reform Commission, China's top economic planner.

The decrease would cut the benchmark retail price of gasoline by 0.22 yuan per liter and diesel by 0.26 yuan per liter.

The price cut was welcomed by Chinese commuters as fuel prices reached their highest points since a hike in April and stayed unchanged despite the price fluctuations in international market.

Gao Shuguang, a taxi driver in Beijing, said his car consumes about 22 liters of gasoline each day and the price cut will save him about 150 yuan per month.

"Finally the fuel prices went down. The high prices have made consumers worry, which also levied great pressure on the government," said Lin Boqiang, director of the China Center for Energy Economics Research at Xiamen University.

Under an oil pricing mechanism started in 2009, the government considers adjusting domestic refined oil prices when international oil prices change more than 4 percent within 22 working days.