China to raise gasoline, diesel retail prices

China's top economic planner announced that retail prices of gasoline and diesel will increase from Friday. The decision was made on Thursday and came in response to recent changes in international oil prices.

Gasoline and diesel prices will increase by 210 yuan (US$29.47) and 200 yuan per ton, respectively, the National Development and Reform Commission announced in a statement.

Under China's current pricing mechanism, the prices of refined oil products are adjusted following changes in international crude oil prices.

China's three biggest oil companies – the China National Petroleum Corporation, the China Petrochemical Corporation, and the China National Offshore Oil Corporation – and oil refineries have been directed to maintain oil production and facilitate transportation to ensure stable supplies, the commission said.