China's top economic planner announced on Friday a rise in the retail price of gasoline and diesel, both by 70 yuan (11.35 US dollars) per tonne as of Saturday.
The move means that the benchmark retail prices of gasoline and diesel will rise by 0.05 yuan per liter and 0.06 yuan per liter respectively, the National Development and Reform Commission (NDRC) said in a statement.
Under the current mechanism that became effective in March 2013, prices of oil products are adjusted when international crude oil prices reflect a change of more than 50 yuan per tonne for gasoline and diesel over a period of 10 working days.
Since mid-May, international oil prices have risen, partly due to low oil inventories in the United States, the NDRC said.
Oil prices retreat on downbeat job data
2014-05-23Oil prices rise as supplies drop
2014-05-22Oil prices rise on Ukraine worries
2014-05-15Oil prices surge on supply concerns
2014-05-14China cuts retail prices of oil products
2014-05-10Copyright ©1999-2018
Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.