China raises gasoline, diesel retail prices

BEIJING -- China raised the retail prices of gasoline and diesel starting Saturday, according to the country's top economic planner, the National Development and Reform Commission.

The prices of both fuels both went up by 100 yuan (about $14.3) per ton.

This is the second hike in fuel prices this year. The gasoline price was raised by 120 yuan per ton on June 29, while that of diesel went up by 110 yuan per ton.

Under the current pricing mechanism, China will adjust domestic prices of refined oil products when international crude prices translate into a change of more than 50 yuan per tonne for gasoline and diesel over a period of 10 working days, but will not do so if the international prices go below the floor of $40 or above the ceiling of $130 a barrel.