China to raise prices of gasoline, diesel

BEIJING -- China will raise the retail prices of gasoline and diesel on Thursday, based on recent changes in international oil prices, the country's top economic planner said on Wednesday.

Gasoline prices will increase by 385 yuan ($53.7) per ton and diesel prices by 370 yuan per ton, the National Development and Reform Commission said.

Under China's 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 such as gasoline and diesel in China are adjusted accordingly.

China's three leading oil companies -- 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.