Gasoline prices will be reduced by 310 yuan (about $49) per tonne, while diesel by 300 yuan per tonne, the country's top economic planner said Thursday.
This was the fourth such cut this year. It was made in response to recent crude price fluctuations on the global market, the National Development and Reform Commission said.
The adjustments will lower the benchmark retail price of gasoline by 0.23 yuan per liter and diesel by 0.26 yuan per liter, Xinhua quoted the NDRC as saying.
Under oil product pricing system introduced in 2009, domestic fuel prices may be adjusted when global crude oil prices change by over 4 percent over 22 working days.
The NDRC last changed the gasoline and diesel prices Sep 10, raising them by 550 yuan and 540 yuan per tonne, respectively.
The commission has ordered the country's three major oil companies to ensure the market supply.
The price cut will directly lower China's consumer price index (CPI), a main gauge of inflation, by 0.007 percentage point, according to Hu Huichun, an oil market analyst.
China's CPI grew by 1.7 percent year-on-year in October, the slowest pace since January 2010, when consumer prices increased by 1.5 percent year-on-year, official data showed.