China will raise the retail prices of gasoline and diesel from Saturday, the first adjustment this year, according to the country's top economic planner.
As international oil prices have risen, the retail prices of gasoline and diesel will rise by 180 yuan (about 27.7 U.S. dollars) and 175 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 are adjusted accordingly.
Global oil prices rallied this week as traders cheered over a surprise decline in U.S. production and a larger-than-expected drawdown in U.S. crude stockpiles.
The benchmark Brent crude broke the 70 dollars per barrel mark for the first time since December 2014.
The economic planner said it would closely monitor the effects of the current pricing mechanism and make changes in response to global fluctuations.
It has asked major Chinese oil companies, including China National Petroleum, China Petrochemical and China National Offshore Oil, to ensure stable supply and pricing.