China to raise retail fuel prices
(Xinhua) Updated: 2016-05-11 19:56BEIJING - China will raise retail oil prices from Thursday to adapt to warming global markets, the country's top economic planner announced Wednesday.
The prices of gasoline and diesel will rise by 120 yuan ($18.46) and 115 yuan per tonne, respectively, according to a statement from the National Development and Reform Commission (NDRC).
This is the second straight rise this year due to a mild recovery in international crude prices.
Under the current mechanism, China adjusts domestic prices of refined oil products when crude prices translate into a change of more than 50 yuan per tonne for gasoline and diesel for a period of 10 working days, except when international prices go below $40 or above $130 a barrel.
The NDRC said it will closely monitor the effects of the pricing mechanism and improve the method in response to changes in the global markets.
- Military hospital staff are punished
- Family questions police account after man dies in custody
- Students' poisoning claims dismissed
- Streamlining bid to be redoubled to boost foreign investment, Li says
- 34 landslide bodies found as more storms expected
- Campaign aims to curb physical, verbal and cyberspace bullying
- 60% of career women say no to second child, report finds
- New rule targets military corruption
- Chinese abroad told to be on alert
- About 30 workers buried alive by landslide in east China
