Prices of retail diesel and gasoline will both be increased by 110 yuan ($17.34) a tonne in China effective from Friday, the National Development and Reform Commission said in a statement on Thursday.
Local Chinese authorities will make the adjustment of their respective ceiling prices for the fuel. Beijing, for example, will see its diesel prices touching 9,805 yuan a tonne, the highest level ever, while gasoline prices will hit 10,880 yuan a tonne, breaking a previous record set two-weeks ago.
Under China’s pricing system, retail fuel prices are assessed every 10 working days to reflect global crude oil benchmarks as long as the benchmark prices move between $40 and $130. Outside that band, retail prices do not change or only move marginally.
