The National Development and Reform Commission, the nation's top economic planner, said on Friday that retail prices of gasoline would be hiked by 300 yuan ($48.55) a metric ton, or 0.22 yuan a liter from Saturday, while diesel prices would go up by 285 yuan a ton, or 0.24 yuan a liter.
Gasoline retail prices are set to go up from Saturday in line with China's fuel price adjustment mechanism and the global crude price rise.
The national average for regular unleaded is now at $3.79 a gallon, basically on par with where pump prices were last Friday.
Yet that masks the volatility in the gasoline futures , and especially some wholesale markets. Gasoline futures prices dropped 30 cents after the expiration of the previous month's contract, reflecting the seasonal shift among many refiners from summer-grade gasoline to a cheaper winter-blend.
Retail oil prices in China have seen three hikes and three cuts so far this year. After the adjustments, retail gasoline prices are higher by 15 yuan a ton while diesel prices are down 40 yuan a ton compared with the prices at the beginning of the year.
