China raises retail fuel prices

BEIJING - China will raise retail prices of gasoline and diesel on Friday in line with changes in international crude prices.

The National Development and Reform Commission (NDRC), the national economic planner, announced Thursday that gasoline prices will rise by 205 yuan ($31) per ton ($2.4 per liter), while diesel prices will go up by 200 yuan per ton.

If international crude oil prices change by more than 50 yuan per ton and remain so for 10 working days, then refined oil products such as gasoline and diesel in China are adjusted accordingly.

This year the NDRC has cut retail fuel prices three times and raised them six times, in line with the pricing mechanism introduced in 2013.