China to raise gasoline, diesel retail prices
China will raise the retail prices of gasoline and diesel starting Saturday, the country's top economic planner said Friday.
The prices of both fuels will both go up by 100 yuan (US$14.3) per tonne, according to the National Development and Reform Commission.
This is the second hike in fuel prices this year. The gasoline price was raised by 120 yuan per tonne on June 29, while that of diesel went up by 110 yuan per tonne.
Under the current pricing mechanism, China will adjust domestic prices of refined oil products when international crude prices translate into a change of more than 50 yuan per tonne for gasoline and diesel over a period of 10 working days, but will not do so if the international prices go below the floor of US$40 or above the ceiling of US$130 a barrel.