China to raise retail prices of gasoline, diesel

BEIJING — China will raise the retail prices of gasoline and diesel from Oct 1, marking the third straight price hike this month, according to the top economic planner.

Retail prices will go up by 240 yuan (about $35) per ton for gasoline and 230 yuan for diesel, the National Development and Reform Commission (NDRC) said in a statement on Sept 30.

Under the current pricing mechanism, if international crude oil prices change by more than 50 yuan per ton 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.

The NDRC price monitoring center attributed the rising prices to a crude oil price hike in the global markets. It has also asked major Chinese oil companies, including China National Petroleum, China Petrochemical and China National Offshore Oil, to ensure stable supply and pricing.

The NDRC said it would closely monitor the effects of the current pricing mechanism and make changes in response to global fluctuations.