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Gasoline up 120 yuan/tonne, diesel up 115 yuan/tonne in China


05-12-2016 02:00 BJT

China's state planner will raise the retail price of gasoline by 120 yuan per tonne and diesel by 115 yuan per tonne from Thursday.

That's the second hike in less than a month. The National Development and Reform Commission said in January that it would not lower domestic fuel prices while oil prices were below 40 US dollars a barrel. Benchmark Brent crude futures have rallied more than 70 percent from multi-year lows under 30 US dollars a barrel in the first quarter. That was due to falling U.S. production, supply constraints in Libya and the Americas, and a weak dollar.

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