China's economic planning ministry said Friday it will lower benchmark retail prices of gasoline and diesel by 530 yuan ($84) and 510 yuan per tonne respectively.

The drop in prices will be implemented beginning Saturday, the National Development and Reform Commission said in a statement on its website.

The cut will effectively see gasoline prices at the pump fall by around 0.39 yuan (six cents) per litre and diesel by 0.44 yuan per litre, a fall of about four percent, it said.

The price cuts were the first since May 10, when the commission cut gasoline prices to 8,850 yuan per tonne from 9,180 yuan a ton set on March 20, state press reports said. At the time, diesel prices were cut by a similar amount.

China routinely adjusts retail oil prices bringing them in line with global prices.

China is the the biggest energy consumer in the world, and the second biggest consumer of oil.