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China to raise retail price of gasoline and diesel

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China will raise retail prices for gasoline by 390 yuan (US$62) per tonne and for diesel by 375 yuan (US$60) per tonne from Saturday as oil prices moved off lows plumbed last month, the country's powerful economic planning agency said on Friday.

[BEIJING] China will raise retail prices for gasoline by 390 yuan (US$62) per tonne and for diesel by 375 yuan (US$60) per tonne from Saturday as oil prices moved off lows plumbed last month, the country's powerful economic planning agency said on Friday.

The hike is the second consecutive price increase by the National Development and Reform Commission (NDRC), which can adjust fuel price ceilings on a bi-weekly basis.

The pricing system, adopted in March 2013, ensures a closer link to the global price of crude oil.

REUTERS

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