Business / Policy Watch

China raises retail fuel prices

(Xinhua) Updated: 2016-08-19 08:53

BEIJING - China will raise retail prices of gasoline and diesel on Friday in line with changes in international crude prices.

The National Development and Reform Commission (NDRC), the nation's top economic planner, announced Thursday that gasoline prices will rise by 175 yuan (about $26.5) per ton, while diesel prices will be lifted by 170 yuan per ton.

China previously cut fuel prices on August 4.

Under China's oil pricing mechanism, if international crude oil prices change by more than 50 yuan per ton and remain changed for a minimum of 10 working days, then refined oil products such as gasoline and diesel are adjusted accordingly.

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