China to hike retail fuel prices

BEIJING - China will hike the per-tonne retail prices of gasoline and diesel by 100 yuan ($16.18) and 95 yuan, respectively, from Saturday, the country's top economic planner said on Friday.

The benchmark retail price of gasoline will be raised by 0.07 yuan per liter and diesel by 0.08 yuan per liter, the National Development and Reform Commission (NDRC) said.

The NDRC last adjusted gasoline and diesel prices on June 7, lowering them by 95 yuan and 90 yuan, respectively, to reflect declining international crude oil prices.

Under the country'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.