China to raise gasoline, diesel retail prices

China will raise the retail prices of gasoline and diesel from May 31, based on the recent rise in international oil prices.

Gasoline and diesel prices will be up by 100 yuan (about 14.12 U.S. dollars) per tonne and 95 yuan per tonne, respectively, the National Development and Reform Commission said in a statement on May 30, according to Xinhua.

The commission predicts that the international market will continue to see fluctuations in the short term.

Under the current pricing mechanism, the prices of refined oil products are adjusted in accordance with international crude oil price changes.

The commission urged China's oil companies to continue to ensure a stable supply in the domestic market, according to the statement.