China to raise gasoline, diesel retail prices

BEIJING, July 12 (Xinhua) -- China will raise the retail prices of gasoline and diesel from Thursday, based on the recent rise in international oil prices.

Gasoline prices will be up by 155 yuan (about 21.6 U.S. dollars) per tonne, and diesel prices by 150 yuan per tonne, the National Development and Reform Commission said in a statement on Wednesday.

Under the current pricing mechanism, the prices of refined oil products are adjusted following changes in international crude oil prices.

China's three biggest oil companies -- the China National Petroleum Corporation, the China Petrochemical Corporation, and the China National Offshore Oil Corporation -- and oil refineries have been directed to ensure stable supplies, the commission said.