China to raise gasoline, diesel retail prices

BEIJING, Dec. 31 (Xinhua) -- China will raise the retail prices of gasoline and diesel starting Saturday, the country's top economic planner said Friday.

The prices of gasoline and diesel will go up by 140 yuan (about 21.96 U.S. dollars) per tonne and 135 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, namely China National Petroleum Corporation, China Petrochemical Corporation and China National Offshore Oil Corporation, should maintain oil production and facilitate transportation to ensure stable supplies, the NDRC said.