China to raise retail prices of gasoline, diesel

BEIJING - China will raise the retail prices of gasoline and diesel from Tuesday, the top economic planner announced Monday.

Retail prices will go up by 145 yuan ($21) per tonne for both gasoline and diesel, according to the National Development and Reform Commission (NDRC).

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 attributed the rising prices to a crude oil price hike in the global markets. It has also asked major Chinese oil companies, including China National Petroleum, China Petrochemical and China National Offshore Oil, 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.