Gasoline, diesel prices increased

Retail prices of gasoline and diesel went up from Tuesday in China, after two consecutive price cuts in June. Following an increase in international oil prices, the retail prices of gasoline and diesel will be raised to 270 yuan ($40.67) and 260 yuan per metric ton, respectively, the National Development and Reform Commission said in a statement. Under the current pricing mechanism, prices of refined oil products are adjusted when international crude oil price changes translate into a change of no less than 50 yuan per ton for gasoline and diesel prices within a period of 10 working days. Over the past two weeks, international oil prices rose mainly due to short supply and geopolitical risks, according to the price monitoring center of the NDRC.