BEIJING, Jan. 2 (Xinhua) — China will increase the retail prices of gasoline and diesel starting Friday, in response to recent shifts in international oil prices, the country’s top economic planner announced on Thursday.
The National Development and Reform Commission stated that both gasoline and diesel prices will rise by 70 yuan (about 9.74 U.S. dollars) per tonne.
China’s three largest oil companies—China National Petroleum Corporation, China Petrochemical Corporation, and China National Offshore Oil Corporation—along with other refineries, have been instructed to continue oil production and ensure smooth transportation to maintain stable supply levels.
Under China’s current pricing system, the cost of refined oil products is adjusted based on fluctuations in global crude oil prices.
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