China to raise gasoline, diesel retail prices

China will raise its retail prices of gasoline and diesel on Thursday, based on the recent rise in international oil prices.

The prices of both gasoline and diesel will increase by 55 yuan (US$7.64) per ton, the National Development and Reform Commission said in a statement on Wednesday.

Under the current pricing mechanism, the prices of refined oil products are adjusted following changes in international crude oil prices.

China's three biggest oil companies – China National Petroleum Corporation, China Petrochemical Corporation, and China National Offshore Oil Corporation – and oil refineries have been directed to maintain oil production and facilitate transportation to ensure stable supplies, the commission said.