China to raise retail prices of gasoline, diesel

BEIJING - China will raise the retail prices of gasoline and diesel from Tuesday, after two price cuts in a row in June, the country's top economic planner announced Monday.

Due to rises in international oil prices, the retail prices of gasoline and diesel will be raised by 270 yuan ($40.67) and 260 yuan per tonne, respectively, the National Development and Reform Commission (NDRC) said in a statement.

Under the current pricing mechanism, prices of refined oil products are adjusted when international crude oil price changes translate into a change of no less than 50 yuan per tonne for gasoline and diesel prices within a period of 10 working days.

Over the past two weeks, international oil prices rose mainly due to short supply and geopolitical risks, according to the price monitoring center of the NDRC.

The commission has asked major Chinese oil companies to ensure stable supply and strictly implement the pricing policy.