China to raise prices of gasoline, diesel

A member of staff refills the tank of a car at a gas station in Xingtai City, north China's Hebei Province, Feb. 18, 2021. (Photo by Song Jie/Xinhua)

China will raise the retail prices of gasoline and diesel from Friday, the country's top economic planner said on Thursday.

The price of gasoline will increase by 260 yuan (about 41.26 U.S. dollars) per tonne, and the price of diesel will increase by 255 yuan, according to the National Development and Reform Commission.

Under the current pricing mechanism, when 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 are adjusted accordingly.

China's three biggest oil companies -- China National Petroleum Corporation, China Petroleum &Chemical Corporation, and China National Offshore Oil Corporation -- have been asked to maintain oil production and facilitate transportation to ensure stable supplies.