China to raise gasoline, diesel retail prices

China will raise its retail prices of gasoline and diesel from Tuesday, following a sharp rise in international oil prices, the country's top economic planner said on Monday.

Gasoline and diesel prices will increase by 695 yuan (about 100.5 U.S. dollars) and 670 yuan per tonne, respectively, according to a statement released by the National Development and Reform Commission (NDRC).

The NDRC's price monitoring center said that developments in the Middle East will be the key factor influencing global oil price trends in the period ahead.

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

Relevant departments in various regions 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.