(MENAFN) On Friday, May. 14 China’s top economic planner stated that the country will increase the retail prices of gasoline and diesel as of Saturday.
The National Development and Reform Commission said that according to new changes in international oil prices, the retail prices of gasoline and diesel will be raised by 100 yuan (around USD15.5) a tonne, respectively.
According to the actual pricing mechanism, if international crude oil prices alter by over USD7.77 a tonne and stay at that level for 10 business days, the prices of refined oil products like gasoline and diesel in China will be amended consequently.
The country’s three largest oil firms, that are China National Petroleum Corporation, China Petrochemical Corporation and China National Offshore Oil Corporation, have been demanded to keep oil production and ease transportation to guarantee steady supplies.
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