BEIJING - China will cut gasoline and diesel prices by 85 yuan per ton and 80 yuan per ton respectively from Wednesday, the country's economic planner announced on Tuesday.

Retail prices of 90# gasoline and 0# diesel will decrease by 0.06 yuan per liter and 0.07 yuan per liter respectively, according to a statement released by the National Development and Reform Commission.

The decrease in the benchmark product oil prices is the 11th as well as the smallest margin this year and is in response to recent falls in global crude oil prices, according to the statement.

After the adjustment, ceiling retail gasoline and diesel prices in Beijing will be 7,210 yuan per ton and 6,245 yuan per ton, respectively.

The moving average of the basket of crude oil prices, to which China's product oil prices are pegged, lost 2.84 percent as of November 16 from the last cycle of fuel prices adjustment.