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China raises retail fuel prices

Updated: Aug 18,2016 7:48 PM     Xinhua

BEIJING — China will raise retail prices of gasoline and diesel on August 19 in line with changes in international crude prices.

The National Development and Reform Commission (NDRC), the nation’s top economic planner, announced on Aug 18 that gasoline prices will rise by 175 yuan (about $26.5) per tonne, while diesel prices will be lifted by 170 yuan per tonne.

China previously cut fuel prices on Aug 4.

Under China’s oil pricing mechanism, if international crude oil prices change by more than 50 yuan per tonne and remain changed for a minimum of 10 working days, then refined oil products such as gasoline and diesel are adjusted accordingly.