China will raise the retail prices of gasoline and diesel from Friday, the 11th increase this year, the country's top economic planner announced.
As international oil prices have risen, the retail prices of gasoline and diesel will both rise by 70 yuan (about 10.7 U.S. dollars) per tonne, 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.
Global oil prices rose to the highest in two and a half years this week following news of an explosion on a Libyan crude pipeline. The NDRC expects prices will retreat in the short term and fluctuate between 55 U.S. dollars and 65 U.S. dollars per barrel.
The planner said it will closely watch the impact of increased oil production in the U.S. and rising tensions in the Middle East.
It has asked major Chinese oil companies, including China National Petroleum, China Petrochemical and China National Offshore Oil, to ensure stable supply and pricing.
