China sees largest oil price increase in nine years

A new round of refined oil price adjustment started on Thursday in China, registering the largest increase in nine years.

According to a notice from the National Development and Reform Commission, the domestic gasoline and diesel prices were raised by 750 yuan and 720 yuan per ton, respectively, starting at midnight on March 17.

Under the current pricing mechanism, when 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 are adjusted accordingly.