BEIJING, July 31 (Xinhua) -- China will raise retail gasoline and diesel prices by 685 yuan (about 100.89 U.S. dollars) and 655 yuan per tonne, respectively, effective from Saturday, according to the National Development and Reform Commission (NDRC).
These adjustments follow a rise in international crude prices amid escalating geopolitical tensions in the Middle East, said Liu Bingjuan, an oil industry analyst.
Under China's current pricing mechanism, domestic gasoline and diesel prices are adjusted every 10 working days in line with changes in international crude oil prices.
The NDRC urged major oil producers and refiners to ensure stable market supply and strictly implement national pricing policies.
The price monitoring center of the NDRC said geopolitical conditions remain fraught with uncertainty, and the market will need to monitor closely how U.S.-Iran dynamics may affect global crude prices going forward. Enditem
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