China to raise gasoline, diesel prices

BEIJING, July 17 (Xinhua) -- China will raise the retail prices of gasoline and diesel from Saturday, based on recent changes in international crude oil prices, the country's top economic planner announced Friday.

Under the adjustment, gasoline and diesel prices will increase by 300 yuan (about 44.16 U.S. dollars) and 290 yuan per tonne, respectively, according to the National Development and Reform Commission (NDRC).

The latest pricing cycle was marked by volatile gains in international crude oil prices amid renewed tensions in the Middle East, pushing the average crude price over the 10 working days preceding the adjustment above that of the previous pricing cycle, said Liu Bingjuan, chief energy analyst with information service provider Oilchem.

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 are being urged to 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. Enditem