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China to raise retail prices of gasoline, diesel

Updated: Jul 9,2018 8:29 PM     Xinhua

BEIJING — China will raise the retail prices of gasoline and diesel from July 10, after two price cuts in a row in June, the country’s top economic planner announced on July 9.

Due to rises in international oil prices, the retail prices of gasoline and diesel will be raised by 270 yuan ($40.67) and 260 yuan per ton, respectively, the National Development and Reform Commission (NDRC) said in a statement.

Under the current pricing mechanism, prices of refined oil products are adjusted when international crude oil price changes translate into a change of no less than 50 yuan per ton for gasoline and diesel prices within a period of 10 working days.

Over the past two weeks, international oil prices rose mainly due to short supply and geopolitical risks, according to the price monitoring center of the NDRC.

The commission has asked major Chinese oil companies to ensure stable supply and strictly implement the pricing policy.