China will hike petrol and diesel retail prices by 95 yuan (around $15) per tonne starting Friday, the country's top economic planner said Thursday.
As part of the government's efforts to promote market-oriented pricing for energy resources, the National Development and Reform Commission (NDRC) introduced a new pricing mechanism in the domestic market in March to better reflect global market changes, Xinhua reported.
Domestic fuel prices will not be changed if global oil price changes are less than 50 yuan per tonne, according to the new pricing regime.
