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China raises retail fuel prices

Updated: Apr 26,2016 8:34 PM     Xinhua

BEIJING — China will raise the retail price of gasoline and diesel starting April 27, the first rise this year, the National Development and Reform Commission (NDRC) announced on April 26.

The retail price of gasoline and diesel will rise by 165 yuan ($25.4) and 160 yuan per ton, respectively.

This is the first adjustment since China made changes to its oil pricing mechanism in January, which set a floor for adjustment to buffer the negative effects of violent fluctuations in international oil prices.

Under the updated mechanism, China will adjust the domestic prices of refined oil products when international crude prices translate into a change of more than 50 yuan per ton for gasoline and diesel for a period of 10 working days, except when international prices go below $40 or above $130 a barrel.

Before the new mechanism came into effect, China suspended price cuts twice, citing energy conservation and environmental protection as major reasons.

The NDRC said it will closely monitor the effects of the new pricing mechanism and improve the method in response to changes in the global market.