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China NDRC: To hike gasoline, diesel prices about 4%

The Wall Street Journal - China will raise retail gasoline and diesel prices Saturday by about 4%, the National Development and Reform Commission said Friday.

Gasoline and diesel prices will be increased by 325 yuan ($53) and CNY310 a metric ton, respectively, the NDRC said in a statement on its website.

This represents increases of 3.6% and 3.8% respectively over current average gasoline and diesel retail ceiling benchmarks of CNY8,945/ton and CNY8,135/ton.

The price ceiling varies by geographic location in China.

The NDRC last adjusted gasoline and diesel prices on July 6, cutting them by CNY80 and CNY75/ton to reflect falling international oil prices.

Under China's oil-product pricing system, which was reformed in March, domestic fuel prices may be adjusted when the moving average of a basket of international crude over a period of 10 working days reflects a change of more than CNY50/ton for diesel and gasoline prices.

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