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China hikes retail oil prices

Xinhua, April 10, 2015 Adjust font size:

Retail prices for gasoline will increase by 120 yuan (19.6 U.S. dollars) per tonne and diesel by 115 yuan, China's top economic planner said Friday.

The adjustment, which will come into effect Saturday, means the benchmark retail price of gasoline will increase 0.09 yuan per liter and that for diesel up by 0.1 yuan, the National Development and Reform Commission (NDRC) said in a statement.

Under the current mechanism, which came into effect March 2013, prices of refined oil products will be adjusted when international crude oil prices can translate into a change of more than 50 yuan for each tonne of gasoline and diesel prices within 10 working days.

The NDRC has cut oil prices once and raised prices twice since February, tracking changes in international crude oil prices.

As the world economy is recovering only mildly and the global oil oversupply has not changed, the oil prices have limited room for upswing in the short term despite signs of stabilization, according to Niu Li, an economist at the State Information Center. Endi