China to raise retail prices of gasoline, diesel

China to raise retail prices of gasoline, diesel

China will raise the retail prices of gasoline and diesel from Friday, the country’s top economic planner said on Thursday.

Based on recent changes in international oil prices, the retail prices of gasoline and diesel will increase by 250 yuan (about 38.11 U.S. dollars) and 240 yuan per tonne, respectively, according to the National Development and Reform Commission.

Under the current pricing mechanism, if international crude oil prices change by more than 50 yuan per tonne and remain at that level for 10 working days, the prices of refined oil products such as gasoline and diesel in China will be adjusted accordingly.

China’s three biggest oil companies, namely the China National Petroleum Corporation, the China Petrochemical Corporation, and the China National Offshore Oil Corporation, have been asked to maintain oil production and facilitate transportation to ensure stable supplies.

In the short term, oil prices will continue to fluctuate but there is limited room for an oil price increase, according to the commission’s price monitoring center.

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