China to raise gasoline, diesel retail prices

China will raise its retail prices of gasoline and diesel starting Friday, based on recent changes in international oil prices, the country's top economic planner said on Thursday.

Gasoline and diesel prices will both increase by 70 yuan (US$9.74) per ton, the National Development and Reform Commission announced in a statement.

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

Under China's current pricing mechanism, the prices of refined oil products are adjusted following changes in international crude oil prices.