China to raise gasoline, diesel retail prices

BEIJING, April 17 (Xinhua) -- China will raise the retail prices of gasoline and diesel from Tuesday, based on the recent rise in international oil prices.

Gasoline and diesel prices will go up by 550 yuan (about 80 U.S. dollars) per tonne and 525 yuan per tonne, respectively, the National Development and Reform Commission said in a statement Monday.

Under the current pricing mechanism, the prices of refined oil products will be adjusted in accordance with global crude oil price changes.

China's major oil companies as well as oil refineries have been directed to maintain oil production and facilitate transportation to ensure stable supplies.

Global oil prices have been rising following the recent announcement of output cuts by major oil-producing countries, and are expected to continue this trend in the near term, according to the commission.