China to raise fuel retail prices

BEIJING, May 16 (Xinhua) -- China will raise the retail prices of gasoline and diesel from Tuesday, the country's top economic planner said on Monday.

Based on recent changes in international oil prices, the retail prices of gasoline and diesel will rise by 285 yuan (about 42 U.S. dollars) and 270 yuan per tonne, respectively, according to the National Development and Reform Commission.

The move marks the ninth fuel price increase since the end of last year.

Under the current pricing mechanism, if international crude oil prices change by more than 50 yuan per tonne and remain at that level for ten working days, gasoline and diesel prices in China will be adjusted accordingly. ■