BUSINESS China to raise retail fuel prices

BUSINESS

China to raise retail fuel prices

Xinhua

18:57, February 18, 2021

An employee fuels a vehicle at a gas station in Lianyungang, east China's Jiangsu Province, Sept. 3, 2018. China will raise the retail prices of gasoline and diesel starting Tuesday, according to the National Development and Reform Commission. Retail prices will go up by 180 yuan (about 26.4 U.S. dollars) per tonne for gasoline and 170 yuan for diesel. (File photo: Xinhua)

BEIJING, Feb. 18 (Xinhua) -- China will raise the retail prices of gasoline and diesel from Friday, the country's top economic planner said Thursday.

Based on recent changes in international oil prices, the retail prices of gasoline and diesel will be increased by 275 yuan (about 42.6 U.S. dollars) and 265 yuan per tonne, respectively, according to the National Development and Reform Commission.

The adjustment marks the third increase this year.

Under the current pricing mechanism, if 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 will be adjusted accordingly.

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

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