China will significantly raise the retail prices of gasoline and diesel starting Sunday, the country's top economic planner said Saturday.
The price of gasoline will go up by 345 yuan (about 53.4 U.S. dollars) per tonne, while that of diesel will increase by 330 yuan, according to the National Development and Reform Commission (NDRC).
The international crude oil prices may still go up in the short term supported by global economic growth and rising demand, said the NDRC.
Under the current pricing mechanism, if international crude oil prices change by more than 50 yuan per tonne and remain at that level for 10 working days, the prices of refined oil products such as gasoline and diesel in China will be adjusted accordingly.
China's three biggest oil companies, namely China National Petroleum Corporation, China Petroleum & Chemical Corporation, and China National Offshore Oil Corporation, have been asked to maintain oil production and facilitate transportation to ensure stable supplies.