Reuters reports that China's National Development & Reform Commission (NDRC), the country's top economic policy planner, has submitted plans to the State Council to revamp the fuel price setting system to better reflect market costs.

A day earlier, China also cut retail prices for gasoline and diesel by about 3%, taking prices off record highs at a time when headline inflation eased from a three-year peak, according to Reuters. The NDRC, said the price cut of CNY 300 ($47) per tonne was triggered as global crude prices fell under a current fuel pricing mechanism. 

China has also announced that as of next month, it will extend a value-based tax on sales of oil and natural gas nationwide, to help save energy in the world’s fastest-growing major economy and boost local government revenues to develop inland provinces, according to Bloomberg.