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China's State Development Planning Commission has announced a price increase for the country's oil products effective Saturday.
The decision was made in accordance with the fluctuations in oil prices on the international market, according to the commission.
The respective factory prices of gasoline and diesel oil will be increased by 190 and 170 yuan per ton.
The China National Petroleum Corporation and the China Petroleum and Chemical Corp., the two major oil products suppliers, are required to adjust the retail prices of gasoline and diesel oil according to market demand in different parts of the country.
The commission also requested government pricing departments at all levels to enforce market supervision. Violation of related pricing rules will be punished according to law.
(Xinhua News Agency February 2, 2003)
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