China will cut the retail prices of gasoline and diesel starting Wednesday, the country's top economic planner said Tuesday.

The prices of gasoline and diesel will go down by 320 yuan (about $47.81) per tonne and 310 yuan per tonne, respectively, according to the National Development and Reform Commission.

The move marks the second fuel-price decrease since the beginning of this year.

Under the current pricing mechanism, if international crude oil prices change by more than 50 yuan per tonne and remain at that level for 10 working days, the prices of refined oil products such as gasoline and diesel in China will be adjusted accordingly.

China's three biggest oil companies, namely China National Petroleum Corporation, China Petrochemical Corporation and China National Offshore Oil Corporation, have been directed to maintain oil production and facilitate transportation to ensure stable supplies.