China Raises Gasoline and Diesel Prices amid Soaring Crude Oil Prices

China is raising from Wednesday the retail prices of gasoline and diesel to reflect the recent increase in international crude oil prices, the Xinhua news agency reported on Tuesday, citing the top economic planner of the world’s second-largest economy. Beginning on April 17, retail gasoline prices will be raised by $27.60 (200 Chinese yuan) per ton, and diesel prices will go up by $27 (195 yuan) per ton, according to a decision of China’s National Development and Reform Commission (NDRC). Under the current pricing mechanism…