OREANDA-NEWS. July 03, 2014. Retail prices of gasoline and diesel in China have been increased following the rise in international crude prices due to the decrease in US crude inventories, the country's top economic planner said.

The National Development and Reform Commission (NDRC) announced on Monday that retail prices of gasoline went up by 165 yuan (around USD26.80) per ton or 0.12 yuan per liter.

Diesel prices also increased by 160 yuan per ton or 0.14 yuan per liter, the NDRC announced.

Under the new oil pricing scheme that the Chinese government implemented last year, local fuel prices are immediately adjusted when crude prices in the world market increase by more than 50 yuan (around USD 8) per ton in a span of 10 working days.

"This is an added burden to fuel consumers but what can we do? When prices of fuel in the world market increase, domestic prices will also increase," one consumer said while filling her motorcycle with fuel.

The NDRC said it has been monitoring the international oil prices, which have risen since the middle of May due to depleting inventories in the United States and the conflict in oil producing countries.

The top economic planner has already informed major oil refineries in the country to coordinate production and distribution of oil products to ensure steady supply for Chinese consumers and to stay in line with the government's fuel pricing policies.

Prices of oil dropped last week following reports that more Americans are now jobless and are applying for unemployment benefits. Last week's price drop followed a day-before increase when US crude inventories unexpectedly dropped.