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China raises retail oil price

Updated: May 11,2015 7:43 PM     Xinhua

BEIJING — China’s top economic planner announced on May 11 it will raise the retail price of gasoline by 255 yuan ($41.71) per tonne and that of diesel by 245 yuan.

The adjustment, effective on May 12, means retail prices will rise by 0.19 yuan per liter for gas and 0.21 yuan per liter for diesel, according to the National Development and Reform Commission (NDRC).

This is the fifth price hike since the beginning of this year.

The NDRC said the increase followed gains in international oil prices due to a tense geo-political situation in the Middle East and a weakening dollar.

China has a pricing regime which adjusts domestic fuel prices when international crude prices change by more than 50 yuan per tonne during a time span of 10 working days.