BEIJING, April 24 – China will lift the retail prices for petrol by 300 yuan (US$49) per tonne and diesel by 285 yuan per tonne, effective Saturday. The National Development and Reform Commission (NDRC) said today that with the increase, the third this year, petrol and diesel prices would rise by 0.07 yuan per litre and 0.08 yuan per litre, respectively.
“The adjustments were due to rising global oil prices since mid-April caused by geopolitical tensions in the Middle East, said the Economic Planning Agency in a statement. The Xinhua news agency reported that fuel prices were reduced twice in January, raised twice in February and then reduced once in March.
Under China’s current fuel pricing mechanism, the NDRC can adjust prices of petrol and diesel when a basket of international oil price change by more than four per cent over a period of 10 working days. China has shorten the adjustment period for fuel prices to 10 working days from 22 days since March 2013.