China will raise the retail prices of gasoline and diesel from Tuesday based on recent changes in international oil prices, the country’s top economic planner said Monday.

Gasoline and diesel prices will increase by 155 yuan (about 21.44 U.S. dollars) and 150 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.

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.


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Originally published by Xinhua