BEIJING, Oct. 17 -- China's top economic planner on Friday announced a cut in the retail price of gasoline by 300 yuan (48.78 U.S. dollars) per tonne and that of diesel by 290 yuan.

The adjustment, to enter effect on Saturday, means benchmark retail prices will drop by 0.22 yuan per liter for gas and 0.25 yuan per liter for diesel, according to the National Development and Reform Commission.

This is the sixth consecutive cut and the largest single drop. Since the beginning of July, benchmark retail gas prices have declined by 0.79 yuan.

It is also the 10th time that retail oil prices have been cut this year. The last cut came on Sept. 29.

A pricing regime that entered effect last year adjusts domestic fuel prices when international crude prices change by more than 50 yuan per tonne for 10 working days.