China raises retail fuel prices for fourth time this year

BEIJING - China will raise the retail prices of gasoline and diesel for the fourth time this year, tracking a global crude price uptick, the country's top economic planner said Thursday.

Starting Friday, gasoline and diesel prices will rise by 140 yuan (20.6 US dollars) and 135 yuan per ton, respectively, according to the National Development and Reform Commission (NDRC).

Global oil prices have been rallying since a number of oil producing countries have voiced their intentions to cut output and US oil inventory has dwindled for seven weeks, the NDRC said.

Under the current pricing mechanism, if international crude prices change by more than 50 yuan per ton 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.