China may raise retail oil prices

A worker fills up a car with fuel at a gas station in Lianyungang city, East China's Jiangsu province, Feb 9, 2015. [Photo/Xinhua]

BEIJING - China may raise retail oil prices for a second time this month as a new window for adjusting gasoline and diesel prices opens on Friday, a report said Thursday.

Gasoline and diesel retail prices are likely to be raised by more than 300 yuan ($49) per tonne, or 0.2 yuan per liter, according to a report based on data from Xinhua's oil price monitoring system.

After the previous raise on April 11, international oil prices rose due to possible acceleration in global oil demand, a lower-than-expected inventory increase in the United States and tensions in the Middle East, the report said.

Under the current mechanism, prices of refined oil products will be adjusted when international crude oil prices reflect a change of more than 50 yuan per ton of gasoline and diesel over a period of 10 working days.

The National Development and Reform Commission reduced oil prices twice in January, raised prices twice in February and then cut prices once in March, tracking changes in international crude oil prices.