China to raise retail fuel prices

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

Based on recent changes in international oil prices, the retail prices of gasoline and diesel will be increased by 260 yuan (about $40.27) and 250 yuan per tonne, respectively, according to the National Development and Reform Commission.

The adjustment marks the fourth fuel price increase this year.

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 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.