China will raise the retail prices of gasoline and diesel from Saturday, the country's top economic planner announced Friday.
This is the eighth increase this year. As international oil prices have increased, the retail prices of gasoline and diesel will rise by 210 yuan (about 32 U.S. dollars) and 195 yuan (about 29 U.S. dollars) per tonne, respectively, 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 are adjusted accordingly.
The NDRC has asked major Chinese oil companies, including China National Petroleum Corp., China Petrochemical Corp. and China National Offshore Oil Corp., to ensure stable supplies to the market.
Global crude prices rose marginally due to an expected increase in demand and falling production of OPEC, the NDRC said in a report.
The economic planner said it will closely monitor the effects of the current pricing mechanism and make changes in response to fluctuations in the global market.
