Forty six days after its latest adjustment, China may cut its retail oil prices as early as Tuesday's afternoon, the Beijing-based Caijing reported.

The adjusting window opens as the value of China's crude basket had fallen by 4.01 percent on Monday.

According to the country's oil product pricing mechanism in place since 2009, China will change the prices of refined oil products when the international weighted average price of crude changes by more than four percent for 22 straight working days. Brent, Dubai and Cinta are international reference points for the government.

The possible downgrade would see a decrease between 300-350 yuan a ton, which means the prices of diesel and gasoline will be lowered 0.26-0.3 yuan a liter, and 0.23-0.27 yuan a liter respectively, according to calculations information provider SCI.

The second-biggest oil consumer last adjusted retail fuel prices on September 11 , when the government raised retail fuel prices for the second time in about a month after global crude costs climbed.

The National Development and Reform Commission (NDRC), China's top economic planner, also refers to domestic economic changes when it decides to adjust fuel prices, such as inflation, the report said.