China may cut retail gasoline and diesel prices as early as Wednesday and will probably do so by Thursday as crude costs fall to a government threshold for adjusting fuel rates, according to C1 Energy.

C1, a Shanghai-based commodity researcher that has correctly reported changes ahead of official announcements, had said that prices may be reduced by as much as 300 yuan ($47.6) a metric ton. Officials at a meeting of the National Development and Reform Commission, China's top economic planning agency, discussed power tariffs, not fuel prices, C1 said later on its website.