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China raises retail fuel prices

Updated: Jul 21,2017 8:35 PM     Xinhua

BEIJING — China will raise the retail prices of gasoline and diesel starting from July 22, the fifth increase this year, the National Development and Reform Commission (NDRC) announced on July 21.

The retail prices of gasoline and diesel will both rise by 75 yuan (about $11.10) per tonne.

Under the current pricing mechanism, if international crude oil prices change by more than 50 yuan per tonne and remain at that level for 10 working days, the prices of refined oil products such as gasoline and diesel in China will be adjusted accordingly.

On the global market, oil prices picked up as reports said Saudi Arabia is considering further limiting crude oil exports, while a weaker US dollar made the dollar-denominated oil more attractive for holders of other currencies.

Brent crude, the standard for international oil prices, traded at around $49.5 per barrel in London.

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

China is a major importer of crude oil. A recent report by CNPC Economics and Technology Research Institute estimated that China’s reliance on oil imports reached 65.5 percent in 2016.