China raises retail prices of oil products

BEIJING - China's top economic planner announced on Friday a rise in the retail price of gasoline and diesel, both by 70 yuan (11.35 US dollars) per tonne as of Saturday.

The move means that the benchmark retail prices of gasoline and diesel will rise by 0.05 yuan per liter and 0.06 yuan per liter respectively, the National Development and Reform Commission (NDRC) said in a statement.

Under the current mechanism that became effective in March 2013, prices of oil products are adjusted when international crude oil prices reflect a change of more than 50 yuan per tonne for gasoline and diesel over a period of 10 working days.

Since mid-May, international oil prices have risen, partly due to low oil inventories in the United States, the NDRC said.