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China to raise retail fuel prices
Last Updated: 2017-09-18 08:03 | Xinhua
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China will raise the retail prices of gasoline and diesel from Saturday, the seventh increase this year, the country's top economic planner announced Friday.

As international oil prices have increased, the retail prices of gasoline and diesel will each rise by 95 yuan (about 14.5 U.S. dollars) per tonne, according to the National Development and Reform Commission (NDRC).

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

The NDRC called on major Chinese oil companies, including China National Petroleum Corp., China Petrochemical Corp. and China National Offshore Oil Corp., to ensure stable supplies to the market.

Global crude prices rose marginally due to expectations of increasing demand and falling production of OPEC as well as a weaker U.S. dollar, the NDRC price monitoring center said in a report.

It estimated that crude prices will top 50 dollars per barrel in the fourth quarter this year, driven by rising demand and falling production of OPEC.

The economic planner said it will closely monitor the effects of the current pricing mechanism and improve the method in response to changes in the global market.

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