China to raise retail prices of gasoline, diesel from Wednesday

 

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China will raisethe retail prices of gasoline and diesel by 190 yuan per tonne and 185 yuan per tonne, respectively, starting Wednesday, said the National Development and Reform Commission (NDRC), the top economic planner.

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 said that China’s three biggest oil companies — the China National Petroleum Corporation, the China Petrochemical Corporation and the China National Offshore Oil Corporation — alongside other oil processing companies, should maintain oil production and facilitate transportation to ensure stable supplies.

Tnternational oil prices are expected to continue to fluctuate in the short term, according to the price monitoring center of the NDRC.