China to raise retail prices of gasoline, diesel


BEIJING - China's top economic planner, the National Development and Reform Commission (NDRC), said Monday that it was to raise the per-tonne retail prices of gasoline by 230 yuan ($34.5) and that of diesel by 220 yuan from Tuesday.

This was the first fuel price increase in six months after the NDRC raised both gasoline and diesel prices by 320 yuan per tonne on April 14 of this year.

After the adjustments, the benchmark gasoline price would hit 7,420 yuan per tonne while that for diesel would be 6,680 yuan per tonne.

The Chinese government adopted an oil pricing mechanism at the start of 2009 that allows the NDRC to adjust retail fuel prices when the international crude oil price changes by more than 4 percent over 22 straight work days.

The NDRC also said Monday that a new and more transparent pricing mechanism for refined oil products could be announced this year.