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November 17, 2017

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Gasoline, diesel cost more

China will raise the retail prices of gasoline and diesel today, the 10th increase and by far the largest this year, the country's top economic planner said yesterday.

As international oil prices have increased, the retail prices of gasoline and diesel will rise by 265 yuan (US$40) and 250 yuan per tonne respectively, according to the National Development and Reform Commission.

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

The NDRC has asked major Chinese oil companies, including China National Petroleum, China Petrochemical and China National Offshore Oil, to ensure stable market pricing.

Global crude prices have risen above 35 percent since mid-June.


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