China to raise gasoline, diesel retail prices

China will raise the retail prices of gasoline and diesel starting Tuesday, the country’s top economic planner said Monday.

The price of gasoline will go up by 225 yuan (about 34.8 U.S. dollars) per tonne, while that of diesel will increase by 215 yuan, according to the National Development and Reform Commission.

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

China’s three biggest oil companies, namely 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.