China to raise retail fuel prices

China will raise the retail prices of gasoline and diesel from Wednesday, the country's top economic planner said Tuesday.

As international oil prices have risen, the retail prices of gasoline and diesel will rise by 115 yuan (about $16.22) and 105 yuan per tonne, respectively, according to the National Development and Reform Commission (NDRC).

Under the current pricing mechanism, if international crude oil prices change by more than 50 yuan per tonne and remain at that level for 10 working days, the prices of refined oil products such as gasoline and diesel in China will be adjusted accordingly.

China's three biggest oil companies -- Sinopec, PetroChina and CNOOC -- have been asked to maintain oil production and facilitate transportation to ensure stable supplies, the NDRC said.

Global crude supply remained sufficient, the NDRC said, expecting the international oil prices to continue to fluctuate in the short term.