Effective as of April 14, China is raising its gasoline and diesel prices by RMB 320/mt ($47/mt), equal to a price hike of RMB 0.24 per liter of gasoline and RMB 0.27 per liter of diesel, China's National Development and Reform Commission (NDRC) announced late Tuesday, April 13.
Accordingly, the average maximum retail price for gasoline in China has jumped 4.05 percent to RMB 8,220/mt and has climbed by 4.47 percent for diesel to RMB 7,480/mt.
China adopted a new oil pricing system last year, and has already adjusted the prices for petrol and diesel on six occasions starting from March 25 last year, with the total aggregate increases, including the latest hike, amounting to RMB 2,390/mt (about $351) and RMB 2,280/mt (about $335) respectively for gasoline and diesel.