Photo taken on Aug. 21, 2020 shows a gas station in Handan City, north China's Hebei. China will raise the retail prices of gasoline and diesel starting Saturday, the National Development and Reform Commission said Friday. The price of gasoline will go up by 85 yuan (about 12.3 U.S. dollars) per tonne, while that of diesel will increase by 80 yuan. (Photo by Li Hao/Xinhua)
China will raise the retail prices of gasoline and diesel starting Saturday, the country's top economic planner said Friday.
The price of gasoline will go up by 85 yuan (about 12.3 U.S. dollars) per tonne, while that of diesel will increase by 80 yuan, according to the National Development and Reform Commission.
This is the third price hike this year. The prices of both fuels were raised by 100 yuan per tonne in July.
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 dollars or above the ceiling of 130 dollars a barrel.
Editor: Galia
