China to raise retail prices of gasoline, diesel

BEIJING - China will raise the retail prices of gasoline and diesel from 12 am Saturday, marking the fourth straight price hike since September, according to the country's top economic planner.

Retail prices will go up 165 yuan ($23.91) per tonne for gasoline and 160 yuan for diesel, the National Development and Reform Commission (NDRC) said in a statement Friday.

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.

The NDRC price monitoring center cited the rising crude oil price in the global market for raising the prices of processed fuels in China this time. It has also asked major Chinese oil companies, including China National Petroleum, China Petrochemical and China National Offshore Oil, to work to ensure stable supply and pricing.

The NDRC said it would closely monitor the effects of the current pricing mechanism and make changes in response to global fluctuations.