China to raise prices of gasoline, diesel

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

Gasoline and diesel prices will increase by 185 yuan ($25.97) and 175 yuan per metric ton, 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 ton 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.

The NDRC said that China's three biggest oil companies -- the China National Petroleum Corporation, the China Petrochemical Corporation and the China National Offshore Oil Corporation -- alongside other oil processing companies, should maintain oil production and facilitate transportation to ensure stable supplies.