China to raise gasoline, diesel retail prices

BEIJING - China will raise the retail prices of gasoline and diesel from Saturday, based on the recent rise in international oil prices.

Gasoline and diesel prices will go up by 210 yuan (about 31.17 US dollars) per tonne and 200 yuan per tonne, respectively, the National Development and Reform Commission said in a statement Friday.

Under the current pricing mechanism, the prices of refined oil products will be adjusted per global crude oil price changes.

China's major oil companies as well as oil refineries have been directed to maintain oil production and facilitate transportation to ensure stable supplies.

Despite the recent hike, the commission predicts that the international market will see a downward trend in the short term, as demand for winter heating is gradually fading and European countries have already stocked up on crude oil and refined oil products in advance.