China will raise retail prices of gasoline and diesel due to rising international crude oil prices, the top economic planner announced Wednesday.
The National Development and Reform Commission said gasoline prices will be lifted by 435 yuan (about 63 U.S. dollars) per tonne and diesel prices by 420 yuan per tonne starting Thursday.
Under the current pricing system, if global crude price changes lead to price increases or declines of more than 50 yuan per tonne for domestic refined oil products, and remain so for 10 working days, gasoline and diesel prices are adjusted accordingly.
Global crude prices are on the rise as OPEC reached agreements on stronger-than-expected yield reductions. The commission has cut retail fuel prices five times this year and raised them nine times.
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