China to raise retail fuel prices

BEIJING -- China will raise the retail prices of gasoline and diesel from Wednesday, the country's top economic planner said Tuesday.

As international oil prices have risen, the retail prices of gasoline and diesel will rise by 150 yuan (about $22) and 140 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.

China's three biggest oil companies -- Sinopec, PetroChina and CNOOC -- have been asked to maintain oil production and facilitate transportation to ensure stable supplies, the NDRC said.

Global supply and demand for refined oil products is currently largely balanced, the NDRC said, while forecasting that oil prices will continue to fluctuate in the short term.