Off the wire
• Iraqi security forces kill 45 IS militants in clashes in Mosul  • China's sovereign yuan bond listed in London  • Philippine experts urge Duterte to start bilateral talks with China earlier  • Spotlight: Chinese vice premier's four-nation tour harvests broader consensus on Belt initiative  • China's crude oil import unit price hits record high  • Sierra Leone's FM to visit China  • Across China: China sets up office for upcoming national park  • News Analysis: U.S. has hand in political turmoil in Latin America: observers  • World Bank maintains Vietnam's economic growth forecast in 2016-2018  • China opens Horgos railway port in Xinjiang  
You are here: 　 Home

China raises retail oil prices

Xinhua, June 8, 2016 Adjust font size:

China will raise retail oil prices from Thursday to adapt to warming global markets, the top economic planner announced Wednesday.

The prices of gasoline and diesel will both rise by 110 yuan (16.7 U.S. dollars) per tonne, according to the National Development and Reform Commission (NDRC).

This is the fourth-straight rise this year due to a mild recovery in international crude prices.

With the latest adjustment, gasoline and diesel prices have gone up by 465 yuan and 450 yuan since the beginning of this year.

Under the current mechanism, China adjusts domestic prices of refined oil products when crude prices translate into a change of more than 50 yuan per tonne for gasoline and diesel over a period of 10 working days, except when international prices go below 40 U.S. dollars or above 130 U.S. dollars a barrel.

The NDRC urged major oil companies to ensure stable market supply, noting that it will closely monitor the effects of the pricing mechanism and improve the method in response to changes in the global markets. Endit