China to hike retail fuel prices

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

The National Development and Reform Commission (NDRC) said that based on recent changes in international prices, the retail prices of gasoline and diesel would be increased 140 yuan (about 21.7 .S. dollars) per tonne.

Under the current pricing mechanism, if international crude prices change more 50 yuan per tonne and remain at that level for 10 working days, the prices of refined products such as gasoline and diesel in China are adjusted accordingly.

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

China’s three biggest companies, China National Petroleum Corporation, China Petrochemical Corporation and China National Offshore Corporation  have been asked to maintain production and facilitate transportation to ensure stable supplies. (Xinhua/NAN)