China will raise retail gasoline and diesel prices from August 1 following an increase in international crude oil prices driven by escalating geopolitical tensions in the Middle East, the National Development and Reform Commission (NDRC) has announced.
Under the adjustment, gasoline prices will increase by 685 yuan (about $100.89) per tonne, while diesel prices will rise by 655 yuan ($97) per tonne, Caliber.Az reports, citing Chinese media.
Liu Bingjuan, an oil industry analyst, said the price hike reflects higher global crude prices amid growing instability in the Middle East.
Under China's pricing mechanism, domestic gasoline and diesel prices are reviewed and adjusted every 10 working days based on fluctuations in international crude oil prices.
The NDRC called on major oil producers and refiners to ensure stable fuel supplies and strictly comply with the country's pricing policies.
The commission's price monitoring centre made it clear that geopolitical uncertainty remains high, adding that markets will closely watch developments in US-Iran relations for their potential impact on global crude oil prices.
By Bakhtiyar Abbasov
