China to raise retail fuel prices

BEIJING - The retail prices of gasoline and diesel will be raised starting from Saturday, the country's top economic planner said Friday.

The benchmark retail price of gasoline will be raised by 0.24 yuan per liter and diesel by 0.26 yuan per liter, the National Development and Reform Commission (NDRC) said in a statement on its website.

It will be the fourth price hike this year, as well as the biggest increase since September 2012.

The NDRC last adjusted gasoline and diesel prices on July 6, cutting the benchmark retail prices of gasoline and diesel by 0.06 yuan per liter, to reflect falling 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 ($8.1) per tonne for gasoline and diesel over a period of 10 working days.