China to Hike Retail Gasoline and Diesel Prices as Oil Jumps 12% in a Week

Following the surge in international crude oil prices in the past week, China will raise the domestic retail prices of gasoline and diesel, effective July 18, the state economic planning commission said on Friday. The National Development and Reform Commission, which regularly adjusts the caps on retail prices based on the price of oil on the global market, today announced that the gasoline price would go up by 300 Chinese yuan, or by $44.29, per ton, as of Saturday. The retail diesel price will rise by 290 yuan, or $42.82, per…