China to raise gasoline and diesel retail prices

Based on the recent surge in international oil prices, China plans to boost retail gasoline and diesel prices on Thursday.

The National Development and Reform Commission said in a statement on Wednesday that gasoline prices will rise by 240 yuan (33.53 US dollars) per tonne and diesel prices would rise by 230 yuan per tonne.

The existing pricing mechanism adjusts the prices of refined oil products in response to variations in worldwide crude oil prices.

According to the commission, China’s three largest oil corporations, as well as all refineries, have been told to sustain oil output and enable transportation to secure a steady supply.

China National Petroleum Corporation, China Petrochemical Corporation, and China National Offshore Oil Corporation are the companies. (Xinhua/NAN)