China to raise gasoline, diesel retail prices

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

Gasoline and diesel prices will increase by 230 yuan (US$32) and 220 yuan per ton, respectively, the National Development and Reform Commission announced.

China's three biggest oil companies – the China National Petroleum Corporation, the China Petrochemical Corporation, and the China National Offshore Oil Corporation – and other oil refineries have been urged to maintain oil production and facilitate transportation to ensure stable supplies.

Under China's current pricing mechanism, the prices of refined oil products are adjusted following changes in international crude oil prices.