China pledges not to raise retail gas prices

China will not raise the retail prices of gasoline and diesel within two months if international crude oil prices exceed $130 per barrel, the National Development and Reform Commission, the country's top economic regulator, said on Wednesday.

The move is intended to reduce the burden on downstream users and consumers while reducing operations cost for the real economy, it said.

If the international oil price remains above $130 per barrel for more than two months, the government will clarify its policies and measures in advance. It is also considering phased price subsidies for refiners when international oil prices exceed $130 per barrel, the price ceiling for refined oil products regulated by the government.