China to raise gasoline, diesel retail prices

China's top economic planner announced on Thursday that retail prices of gasoline and diesel will increase from Friday in response to recent changes in international oil prices.

Gasoline and diesel prices will increase by 110 yuan (US$15.42) and 105 yuan per ton, respectively, the National Development and Reform Commission said in a statement.

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

China's three biggest oil companies – the China National Petroleum Corporation, the China Petrochemical Corporation, and the 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.