China to raise retail fuel prices
http://www.chemnet.com May 12,2016 Platts
The prices of gasoline and diesel will rise by 120 yuan (18.46 U.S. dollars) and 115 yuan per tonne, respectively, according to a statement from the National Development and Reform Commission (NDRC).
This is the second straight rise this year due to a mild recovery in international crude prices.
Under the current mechanism, China adjusts domestic prices of refined oil products when crude prices translate into a change of more than 50 yuan per tonne for gasoline and diesel for a period of 10 working days, except when international prices go below 40 U.S. dollars or above 130 U.S. dollars a barrel.
The NDRC said it will closely monitor the effects of the pricing mechanism and improve the method in response to changes in the global markets.