China will raise the retail prices of gasoline and diesel by 145 yuan (about USD 21) per tonne from Tuesday, the country's top economic planner announced Monday.
The National Development and Reform Commission (NDRC) price monitoring centre attributed the rising prices to a crude oil price hike in the global markets.
It has also asked major Chinese oil companies, including China National Petroleum, China Petrochemical and China National Offshore Oil, to ensure stable supply and pricing.
Under the current pricing mechanism, if international crude oil prices change by more than 50 yuan per tonne and remain at that level for 10 working days, the prices of refined oil products such as gasoline and diesel in China will be adjusted accordingly.
The NDRC said it would closely monitor the effects of the current pricing mechanism and make changes in response to global fluctuations, state-run Xinhua news agency reported.
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