China is set to raise the retail costs of gasoline and diesel starting Thursday, in response to the recent surge in global oil price.
The National Development and Reform Commission announced on Wednesday that gasoline prices would experience a 240 yuan (equivalent to 33.53 U.S. dollars) per tonne increase, while diesel prices would see a rise of 230 yuan per tonne.
According to the current pricing structure, adjustments in the prices of refined oil products are linked to fluctuations in international crude oil prices.
To ensure a steady supply, the commission has instructed China’s top three oil companies – China National Petroleum Corporation, China Petrochemical Corporation, and China National Offshore Oil Corporation – as well as all refineries, to maintain oil production and facilitate transportation.
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