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World


China hikes gasoline, diesel retail prices

Beijing, June 28 (Xinhua) China will raise the retail prices of gasoline and diesel beginning Monday, the country's top economic planner said Sunday.
Gasoline price will go up by 120 yuan (17 U.S. dollars) per tonne, while that of diesel will increase by 110 yuan per tonne, the National Development and Reform Commission said.
It is the first hike for oil prices so far this year.
Under the current pricing mechanism, China will adjust domestic prices of refined oil products when international crude prices translate into a change of more than 50 yuan per tonne for gasoline and diesel over a period of 10 working days, but will not do so if the international prices go below the floor of 40 U.S. dollars or above the ceiling of 130 U.S. dollars a barrel.
XINHUA GNK 1549
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