China is raising its retail gasoline prices starting from May 26, the fourth price hike of this year. 

Each ton of gasoline will cost 140 yuan (20.38 US dollars) more, and each ton of diesel fuel a further 135 yuan (19.66 US dollars). 

The top oil producer in OPEC, Saudi Arabia, favors extending the output curbs by nine months rather than the initially planned six months. /VCG Photo

According to China's economic planner, the National Development and Reform Commission (NDRC), the rate of adjustment lays within OPEC's meeting of an extension of an oil production cut and a decline of oil supply in the US.

The logo of OPEC is pictured on the wall of the organization's headquarters in Vienna, March 16, 2010. /VCG Photo

Under the current pricing scheme, if international crude prices change by more than 50 yuan each ton and continue to be at the level for 10 business days, China's prices of refined oil products such as gasoline will be adjusted correspondingly.

In the period of oil price monitoring by the NDRC from May 12 to May 25, Crude Oil Brent prices and WTI Crude Oil prices rose 6.28 percent and 7.34 percent respectively, from the period of May 11 to May 24.

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