Beijing, China: China will increase its retail prices of gasoline and diesel from Saturday to reflect recent changes in international oil prices, the country's top economic planner said on Friday.
Gasoline and diesel prices will rise by 320 yuan (about 46.7 U.S. dollars) and 310 yuan per tonne, respectively, according to a statement released by the National Development and Reform Commission (NDRC).
International crude oil prices have seen intense volatility since China lowered refined oil product prices on April 21. Overall, the average price over the past 10 working days has stayed above the level recorded in the previous pricing cycle, the NDRC said.
China's pricing mechanism for refined oil products includes a regulatory ceiling. Should the average international crude oil price continue to rise beyond 130 U.S. dollars per barrel, domestic maximum retail prices for gasoline and diesel will remain unchanged or be raised by a smaller margin for the portion exceeding the ceiling.
