China will raise the retail price of gasoline and diesel from Wednesday, the National Development and Reform Commission (NDRC) announced Tuesday.
Retail price of gasoline and diesel will both rise by 50 yuan (7.9 U.S. dollars) per tonne, or 0.04 yuan per liter.
Under an oil pricing policy in place since the start of 2013, the NDRC can adjust the price of fuel every 10 working days based on changes on the global market, should the change be more than 50 yuan per tonne.
Since late September, global oil prices have experienced an upward trend, partly due the a decrease in drilling platforms in the United States, the NDRC noted.
