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

The National Development and Reform Commission (NDRC), the nation's top economic planner, said retail prices of gasoline will fall by 210 yuan (32.8 U.S. dollars) per tonne, or 0.16 yuan per liter, while that of diesel will drop by 205 yuan per tonne, or 0.18 yuan per liter.

This is the fifth cut since June and the eighth of the year.

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.