China to raise retail fuel prices

BEIJING - China will raise the retail prices of gasoline and diesel from Tuesday, the country's top economic planner said Monday.

Based on recent changes in international oil prices, the retail prices of gasoline and diesel will rise by 70 yuan ($10) and 65 yuan per ton, respectively, according to the National Development and Reform Commission.

Under the current pricing mechanism, if international crude oil prices change by more than 50 yuan per ton and remain at that level for 10 working days, the prices of refined oil products such as gasoline and diesel in China will be adjusted accordingly.

China's three biggest oil companies, namely China National Petroleum Corporation, China Petrochemical Corporation and China National Offshore Oil Corporation, have been asked to maintain oil production and facilitate transportation to ensure stable supplies.

The economic planner said it would closely monitor the effects of the current pricing mechanism and make improvements in response to global fluctuations.