China to raise retail prices for gasoline and diesel fuel

Beijing. Jul 12. Silkroadnews - China will raise retail prices for gasoline and diesel fuel after two price cuts in June, China Plus reported.
Due to the international oil prices growth, the retail prices for gasoline and diesel fuel will be raised by 270 yuan ($40.67) and 260 yuan per tonne, respectively, according to a statement by the National Development and Reform Commission (NDRC).
As provided by the current mechanism for pricing, prices for petroleum products are adjusted when the international oil prices change by at least 50 yuan per tonne for gasoline and diesel prices within 10 working days.
Over the past two weeks, the international oil prices have risen mainly due to reduced supplies and geopolitical risks.
The Commission appealed to the major Chinese oil companies with a request to ensure a stable supply and strictly implement the pricing policy.