BEIJING: China will raise retail prices for gasoline and diesel starting Friday, following recent fluctuations in international oil prices, according to the country’s top economic planner.
According to Namibia Press Agency, the National Development and Reform Commission announced that the prices for both gasoline and diesel will rise by 70 yuan, approximately 9.74 U.S. dollars, per tonne. The adjustment comes as part of China’s existing pricing mechanism, which ties the cost of refined oil products to international crude oil price changes.
The country’s three largest oil companies-China National Petroleum Corporation, China Petrochemical Corporation, and China National Offshore Oil Corporation-along with oil refineries, have been instructed to maintain production levels and support transportation efforts to ensure stable supply across the nation. The directive aims to mitigate potential disruptions and maintain a steady flow of oil products to meet demand.