China hikes retail gasoline, diesel prices to new highs

China will raise retail prices for gasoline and diesel by 390 yuan ($57.91) and 375 yuan per tonne, respectively, effective midnight Tuesday, the National Development and Reform Commission said.

This will bring the retail prices to a new high after a series of hikes earlier this year.
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Retail gasoline ceiling prices for the Chinese capital, for example, will rise by about 3.5 per cent to 11,615 yuan ($1,724.68) per tonne, while those for diesel will increase by around 3.7 per cent to 10,510 yuan a tonne.

The prices are for the standard gasoline and diesel that meets the most stringent National 6 specifications.

Under China’s pricing system since 2013, retail fuel prices are assessed every 10 working days to reflect global crude oil benchmarks so long as benchmark prices move between $40 and $130. Outside that band, retail prices do not change or only move marginally.
Source: Reuters