China raises retail oil prices

China's top economic planner announced on Monday a rise of the retail price of gasoline by 165 yuan per tonne (26.80 U.S. dollars) and diesel by 160 yuan, from Tuesday.

The adjustment will see the benchmark retail prices of gasoline increase by 0.12 yuan per liter and that of diesel by 0.14 yuan per liter, according to the National Development and Reform Commission (NDRC).

Under China's new pricing regime, which came into effect last year, domestic fuel prices are adjusted when international crude prices reflect a change of more than 50 yuan per tonne for gasoline and diesel over a period of 10 working days.

The NDRC asked major oil refiners to coordinate production and distribution to ensure steady supplies and strictly carry out China's pricing policies.