China to increase prices of gasoline, diesel

China is going to increase the retail prices of gasoline and diesel starting Friday, Xinhua reported citing the country's top economic planner.

According to the National Development and Reform Commission, the price of gasoline will be hiked by 750 yuan (USD 118.28) per tonne and the price of diesel will be increased by 720 yuan.

As per China's current pricing mechanism, the prices of refined oil products such as gasoline and diesel are adjusted as and when international crude oil prices change by more than 50 yuan per tonne and remain at that level for 10 working days.

Notably, the Chinese authorities have asked the three major oil companies of the country -- China National Petroleum Corporation, China Petroleum & Chemical Corporation, and China National Offshore Oil Corporation -- to maintain oil production and facilitate transportation to ensure stable supplies, according to Xinhua.

Meanwhile, for the first time since Russia's military operation in Ukraine, oil prices dropped on Tuesday settled below the key USD 100 per barrel mark, as China, the world's largest oil importer, imposed new lockdowns to combat an outbreak of the coronavirus, according to The New York Times.

Moreover, the Chinese provinces and cities including Beijing, Shanghai and Shenzhen are under lockdown, travel has been cut off between cities and production lines have stopped.

The measures could be detrimental to global supply chains that are still struggling to recover from pandemic disruptions by slowing down key factory and transportation networks, according to the media outlet.

( With inputs from ANI )

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor