China raises retail oil prices

BEIJING - China's top economic planner announced on Thursday that it will raise the per-tonne retail price of gasoline by 160 yuan ($26.08) and diesel by 155 yuan from Friday.

The adjustment, following a third consecutive drop on November 14, will see the benchmark retail prices of gasoline increase by 0.12 yuan per liter and that of diesel by 0.13 yuan per liter, the National Development and Reform Commission (NDRC) said in a statement on its website.

Under China's new pricing regime, which came into effect in March, domestic fuel prices are adjusted when international crude prices reflect a change of more than 50 yuan per tonne for gasoline and diesel over a period of 10 working days.

Increasing demand in the winter has led to rising prices on the international market, according to the NDRC.

It asked major oil refiners to coordinate production and distribution to ensure steady supplies and strictly carry out China's pricing policies.