Photo taken on July 10, 2012 shows a gas station on Donghai Road in Qingdao City, east China's Shandong Province. China will slash the benchmark retail price for gasoline by 420 yuan (66.46 U.S. dollars) per tonne and the price for diesel by 400 yuan per tonne starting from Wednesday, the country's top economic planner announced Tuesday. The decreases mark the third fuel price cut in two months.