According to the release posted on the website of the National Development and Reform Commission (NDRC), the government has decided to adjust gasoline and diesel fuel prices upward by about 400 yuan per ton on the average.

The last price adjustment was made on March 25.  Since then, the WTI crude oil future has increased from 53.98 USD/Barrel to 66.31 USD/Barrel, and the reference crude oil price used for retail price adjustment has increase from 45 USD/barrel to 57 USD/Barrel.   

According to the trial document issued by the National Development and Reform Commission (NDRC) on petroleum price control, when the 22 working day moving average of international petroleum prices exceeds 4%, the retail prices can be adjusted upward. 

The retail market of China's refined petroleum products is not a competitive market.  It is dominated by two large government controlled companies: Sinopec Corp. and PetroChina.  As such, government imposes price control to balance the interests of petroleum producers, refiners, consumers, and national economic development.