China raises retail fuel prices

BEIJING - China will raise the retail prices of gasoline and diesel starting Friday, the first rise this year, the National Development and Reform Commission (NDRC) announced on Thursday.

The retail prices of gasoline and diesel will both rise by 70 yuan (about $10.1) per ton.

Under the current pricing mechanism, if international crude oil prices change by more than 50 yuan per metic ton 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.

Although the global crude oil price has seen drastic fluctuations due to OPEC output cuts, an unsteady US dollar and rising production in North America, overall price levels have trended upwards, the NDRC explained.

The economic planner said it will closely monitor the effects of the current pricing mechanism and improve the method in response to changes in the global market.

In a report released Thursday, CNPC Economics and Technology Research Institute estimates China's apparent consumption of refined oil would drop by 1 percent from a year earlier to 313 million tons in 2016.