China, the second-biggest energy consumer in the world, today raised retail gasoline and diesel prices by RMB 310 and RMB 300 per metric ton, respectively, the National Development & Reform Commission said in a statement on its website.
The price adjustment will hike the benchmark price of gasoline to RMB 7,730 per metric ton and that of diesel to RMB 6,980 per metric ton.
The NDRC said that the oil price adjustment was made in response to recent changes in the international crude oil prices.
China's current oil pricing mechanism links China's domestic oil prices to international oil prices in a controlled manner, so that the country can respond more quickly to global oil price functions.
The previous price adjustment took place on Oct. 26 when the commission raised gasoline and diesel prices by RMB 230 per metric ton and RMB 220 per metric ton, respectively.
