China to raise retail oil prices in domestic markets

By MG News | January 26, 2018 at 08:02 PM GMT+05:00

0:00

China will raise the retail prices of gasoline and diesel from Saturday for the second time this year, according to the country's top economic planner.

As international oil prices have risen, the retail prices of gasoline and diesel will rise by 65 yuan (about 10 U.S. dollars) and 60 yuan per tonne, respectively, according to the 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.

Global oil prices rose this week with Brent and WTI crude breaking 70 U.S. dollars and 65 dollars per barrel respectively to reach their highest level since December 2014.

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

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