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China Monday raised the prices for finished oil products to adapt its domestic market to changes on the international market.
According to a circular released by the State Development Planning Commission, manufacturers' prices for gasoline and diesel oil are hiked up by 130 yuan, and retailing prices for the two oil products will be adjusted accordingly.
The circular urged oil and petrochemical conglomerates to work out varying retail prices for gasoline and diesel oils in accordance with the actual market supply and demand situation in different localities and to publish the adjusted prices via leading local press.
The circular also urged departments for administration of pricing in different areas to step up supervision on prices at local oil market and deal with acts in violation of relevant regulations on pricing.
(Xinhua News Agency March 5, 2002)
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