China to raise fuel retail prices

BEIJING -- China will raise the retail prices of gasoline and diesel from Tuesday, the country's top economic planner said on Monday.

Based on recent changes in international oil prices, the retail prices of gasoline and diesel will rise by 400 yuan ($59.66) and 390 yuan per ton, respectively, according to the National Development and Reform Commission.

The move marks the 10th fuel price increase since the end of last year.

Under the current pricing mechanism, if international crude oil prices change by more than 50 yuan per ton and remain at that level for 10 working days, gasoline and diesel prices in China will be adjusted accordingly.