China will raise the retail prices of gasoline and diesel from Oct. 23, the country’s top economic planner said on Friday.
According to the National Development and Reform Commission the rise is based on recent changes in international oil prices.
“The retail prices of gasoline and diesel will be increased by 300 yuan (about 46.9 U.S. dollars) and 290 yuan per tonne, respectively.
“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 will be adjusted accordingly.
China’s three biggest oil companies are China National Petroleum Corporation, China Petrochemical Corporation and China National Offshore Oil Corporation.
The three top companies have been asked to maintain oil production and facilitate transportation to ensure stable supplies.