China Raises Prices of Gasoline, Diesel by $21.44

Beijing, November 08 (QNA) – China raised the retail prices of gasoline and diesel on Tuesday based on recent changes in international oil prices.

Gasoline and diesel prices will increase by 155 yuan (about 21.44 US dollars) and 150 yuan per tonne, respectively, according to the Chinese National Development and Reform Commission (NDRC).

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.

The NDRC said that China’s three biggest oil companies, namely, the China National Petroleum Corporation, the China Petrochemical Corporation and the China National Offshore Oil Corporation alongside other oil processing companies, should maintain oil production and facilitate transportation to ensure stable supplies.

International oil prices are expected to remain high in the short term, according to the price monitoring center of the NDRC. (QNA)