The National Development and Reform Commission(NDRC),China's top economic planner,said on Tuesday it will continue to regulate refined oil prices to cushion the impact of rising international crude oil prices on the domestic market.

Effective from midnight Tuesday,the actual increases of domestic gasoline and diesel prices will be capped at 420 yuan($61.02)and 400 yuan per ton instead of a rise by 800 yuan and 770 yuan per ton under the current pricing mechanism,according to the NDRC statement.

After the regulatory adjustment,the maximum retail prices for gasoline and diesel increased by 380 yuan and 370 yuan less per ton respectively,which is equivalent to a reduction of 0.31 yuan per liter for 92 octane gasoline and 0.32 yuan per liter for 0 octane diesel.

According to China Media Group,after the latest regulatory adjustment,the maximum retail prices of gasoline and diesel were lowered by 380 yuan and 370 yuan per ton,compared with the levels implied under the current pricing mechanism,equivalent to about 0.31 yuan less per liter for 92-octane gasoline and 0.32 yuan less per liter for No.0 diesel.