(Yicai Global) March 18 -- The price of gasoline and diesel has gone up in China for the fifth time this year as global oil prices soar to 14-year highs on supply disruption fears due to the ongoing Russia-Ukraine conflict.

Gasoline prices will increase by CNY750 (USD118) to CNY10,770 (USD1,695) a ton from today and the price of diesel by CNY720 to CNY9,695 (USD1,526) per ton, the country’s macroeconomic planner said yesterday.

Gasoline 92 is now selling at CNY8.65 (USD1.36) a liter in Beijing, Gasoline 95 at CNY9.21 and diesel for CNY8.39 a liter.

The price of London Brent and West Texas Intermediate crude oil both hit 14-year highs on March 7, at USD139.13 and USD130.50 per barrel respectively. Although they have since come down, oil prices are still 13.3 percent higher than they were two weeks ago. China’s gasoline and diesel prices are based on the average international oil price over the last 10 working days, state broadcaster CCTV2 reported, citing an official from the National Development and Reform Commission.

If prices remain within USD130 a barrel, fuel prices will be adjusted by the normal mechanisms, the official said. But should they continue to surge above USD130 a barrel, the NDRC is likely to step in to cap the price or to increase them only slightly, so as to keep pricing steady, he added.

The next round of refined oil price adjustments is scheduled for March 31.

Editor: Kim Taylor