China to raise gasoline, diesel retail prices

BEIJING, Jan. 16 -- China will raise the retail prices of gasoline and diesel from Friday based on recent changes in international oil prices, the country's top economic planner said on Thursday.

Gasoline and diesel prices will increase by 340 yuan (about 47.3 U.S. dollars) and 325 yuan per tonne, respectively, the National Development and Reform Commission announced.

China's three biggest oil companies -- the China National Petroleum Corporation, the China Petrochemical Corporation, and the China National Offshore Oil Corporation -- and other oil refineries are urged 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.