China continues control measures for gasoline, diesel prices

 China will continue to implement control measures regarding retail prices of gasoline and diesel from Wednesday, aiming to mitigate the impact of rising international oil prices on its domestic market, the country's top economic planner said on Tuesday.

Since the adjustment of domestic oil prices in late March, international crude oil prices have experienced significant fluctuations, the National Development and Reform Commission (NDRC) said in a statement.

Based on the existing pricing mechanism, gasoline and diesel prices would have risen by 800 yuan (about 116 U.S. dollars) and 770 yuan per tonne, respectively. Thanks to the control measures, these prices will from Wednesday increase by 420 yuan and 400 yuan per tonne, respectively.

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

Relevant authorities should intensify their market supervision and inspection efforts. They should implement strict measures to crack down on activities that violate national pricing policies to ensure market order, the NDRC said.