China will raise retail¹ oil prices from Thursday to adapt to warming global markets, the country's top economic planner announced Wednesday.

 

中国国家发改委周三宣布，为了适应全球经济市场的变暖，中国将提高成品油零售价。

 

The prices of gasoline and diesel² will rise by 120 yuan (18.46 U.S. dollars) and 115 yuan per tonne, respectively, according to a statement from the National Development and Reform Commission (NDRC).

 

This is the second straight rise this year due to a mild recovery in international crude prices.

 

Under the current mechanism³, China adjusts domestic prices of refined oil products when crude prices translate into a change of more than 50 yuan per tonne for gasoline and diesel for a period of 10 working days, except when international prices go below 40 U.S. dollars or above 130 U.S. dollars a barrel.

 

The NDRC said it will closely monitor the effects of the pricing mechanism and improve the method in response to changes in the global markets.

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