An official from China's top economic planning body says from Wednesday, fuel prices will again be cut - the third cut in prices since May to better reflect global fall in crude prices.

It’s only been a month since the last time the country cut the price of crude oil. On June 9, the retail price of gasoline and diesel was lowered by 530 yuan and 510 yuan per-tonne respectively. That was an even steeper cut than the first price fall in May, when the gasoline price was cut by 330 yuan per-ton and diesel 310 yuan per-ton.