China to raise retail prices of gasoline, diesel

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

Due to increases in international oil prices, the retail prices of gasoline and diesel will both be raised by 80 yuan (about 12 U.S. dollars) per tonne, the National Development and Reform Commission said in a statement.

Under the current pricing mechanism, prices of refined oil products are adjusted when international crude oil price changes translate into a change of no less 50 yuan per tonne for gasoline and diesel prices within a period of 10 working days.

International crude prices rose to a nearly 5-month high recently on tight supply. The declines in oil output of the Organization of the Petroleum Exporting Countries and U.S. sanctions against Venezuela and Iran will continue to buoy crude prices, the economic planner said, adding that prices were likely to fluctuate within the current range in the near term.

(CGTN)