Gasoline and diesel prices will be cut for the fourth time this year from Friday morning. Gasoline prices will be cut by 310 yuan ($49.7) a metric ton, or 0.22 yuan a liter, and diesel prices by 300 yuan a ton, or 0.26 yuan a liter, the National Development and Reform Commission said on Thursday.

The price cuts come a little later than analysts expected and with crude oil prices dropping close to the price-adjustment threshold. Under the current pricing system, fuel prices can be adjusted when the average price of Brent, Cinta, and Dubai crude move by more than 4 percent over 22 working days.

The previous price adjustment in China was in September, when the price of gasoline was raised by 550 yuan a ton and diesel by 540 yuan a ton.