China to raise gasoline, diesel retail prices

BEIJING - China will raise the retail prices of gasoline and diesel from Thursday, based on the recent rise in international oil prices.

Gasoline prices will be up by 275 yuan ($38.57) per ton, and diesel prices by 260 yuan per ton, the National Development and Reform Commission said in a statement on Wednesday.

Under the current pricing mechanism, the prices of refined oil products are adjusted following changes in international crude oil prices.

China's three biggest oil companies -- the China National Petroleum Corporation, the China Petrochemical Corporation, and the China National Offshore Oil Corporation -- and oil refineries have been directed to maintain oil production and facilitate transportation to ensure stable supplies, the commission said.