China has decided to lift the prices of gasoline, diesel and kerosene for aviation by 500 yuan (62.4 US dollars) respectively per ton as of May 24, sources with the State Development and Reform Commission said Tuesday.

An official with the commission said that the commission decided to improve the processed oil prices as China's current prices of processed oil are far below that on the international market, which is not helpful to oil refineries in China and to ensure adequate supplies.

He said that the prices of crude oil has kept soaring on the international market, keeping the price of more than 70 US dollars per barrel for days.

The commission asked all the local governments to implement the subsidy policies strictly after the price lifting and take measures to ensure the income of taxi drivers.

It also asked the two oil suppliers, China National Petroleum Corporation (CNPC) and China Petroleum and Chemical Corporation (Sinopec) to enhance the supply of processed oil to meet market demands.

Source: Xinhua