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China raises retail oil prices

Updated: Jun 8,2016 9:18 PM     Xinhua

A woman fills her car at a gas station in Xingtai, north China’s Hebei province, June 8, 2016. [Photo/Xinhua]

BEIJING — China will raise retail oil prices from June 9 to adapt to warming global markets, the top economic planner announced on June 8.

The prices of gasoline and diesel will both rise by 110 yuan ($16.7) per tonne, according to the National Development and Reform Commission (NDRC).

This is the fourth-straight rise this year due to a mild recovery in international crude prices.

With the latest adjustment, gasoline and diesel prices have gone up by 465 yuan and 450 yuan since the beginning of this year.

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

The NDRC urged major oil companies to ensure stable market supply, noting that it will closely monitor the effects of the pricing mechanism and improve the method in response to changes in the global markets.