China will raise gasoline and diesel retail prices from Tuesday, the country’s top economic planner has said.

The National Development and Reform Commission (NDRC) stated that based on recent changes in international oil prices, gasoline and diesel retail prices would be increased by ¥140 (about $21.7 U.S.) per tonne.

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

In the current round of adjustment, global crude oil prices have risen, according to the NDRC price-monitoring centre, international oil prices may continue to fluctuate in the short term.

China’s three biggest 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.

(Xinhua/NAN)