China hikes retail fuel price

Published: May 12, 2018 12:43:14 | Updated: May 14, 2018 14:14:54


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China will lift the retail prices of gasoline and diesel from Saturday, the sixth increase this year, the National Development and Reform Commission (NDRC) announced on Friday.

The NDRC said that as international oil prices have risen, the retail prices of gasoline and diesel will rise by 170 yuan (about $26.8) and 165 yuan per tonne respectively.

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 are adjusted accordingly, reports Xinhua.

Oil prices have trended upwards as investors saw global oil supply decline.

US President Donald Trump said Tuesday the country would quit the Iran nuclear deal and restore sanctions on oil producers.

Investors worried that reinstated sanctions could contribute to tighter global oil inventories.

The country's top economic planning body said it would closely monitor the effects of the current pricing mechanism and make changes in response to global fluctuations.

It has asked major Chinese oil companies, including China National Petroleum Corp, China Petrochemical Corp, and China National Offshore Oil Corp, to ensure stable supply and pricing.

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