China to raise gasoline, diesel retail prices

BEIJING, Oct. 23 (Xinhua) -- China will raise the retail prices of gasoline and diesel from Thursday based on recent changes in international oil prices, the country's top economic planner said Wednesday.

Gasoline and diesel prices will increase by 90 yuan (about 12.6 U.S. dollars) and 85 yuan per tonne, respectively, the National Development and Reform Commission announced.

China's three biggest oil companies -- China National Petroleum Corporation, China Petrochemical Corporation, and China National Offshore Oil Corporation -- and oil refineries have been directed to maintain oil production and facilitate transportation to ensure stable supplies.

Under China's current pricing mechanism, the prices of refined oil products are adjusted following changes in international crude oil prices. ■