China to increase gasoline, diesel retail prices

China would raise retail prices of gasoline and diesel on Thursday based on the recent rise in international oil prices.

Gasoline prices would increase by 240 yuan (33.53 U.S. dollars) per tonne and diesel prices by 230 yuan per tonne, the National Development and Reform Commission said in a statement on Wednesday.

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

The commission said China’s three biggest oil companies and all refineries have been directed to maintain oil production and facilitate transportation to ensure stable supplies.

The companies are China National Petroleum Corporation, China Petrochemical Corporation, and China National Offshore Oil Corporation.