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China raises retail fuel prices

Updated: Sep 16,2015 7:42 PM     Xinhua

China will raise the retail price of gasoline and diesel from Sept 17, ending six consecutive cuts since June, the National Development and Reform Commission (NDRC) announced on Sept 16.

Retail price of gasoline and diesel will both rise by 90 yuan ($ 14.1) per tonne, or 0.07 yuan per liter and 0.08 yuan per liter, respectively.

Under an oil pricing policy in place since the start of 2013, the NDRC can adjust the price every 10 working days based on changes in the global market, should the change be more than 50 yuan per tonne.

Although global oil prices have been under pressure from slowing demand in China, a robust appetite from the United States, weakening US dollar, along with the recovering US stock market have helped support prices.

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