China will raise the retail prices of gasoline and diesel starting Tuesday, the top economic planner announced Monday.
Retail prices will go up by 70 yuan (about 10 U.S. dollars) per tonne for the two types of refined oil products, 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 ten working days, the prices of refined oil products such as gasoline and diesel in China will be adjusted accordingly.
The price monitoring center under the NDRC attributed the rising prices to fluctuations in global markets and a falling Chinese currency, the yuan, against the US dollar.
The NDRC has asked major Chinese oil companies, including China National Petroleum, China Petrochemical, and China National Offshore Oil, to ensure a stable supply and pricing.
The NDRC said it would closely monitor the effects of the current pricing mechanism and make changes in response to global fluctuations.