China to raise fuel prices

Gasoline and diesel retail prices will be raised starting Saturday, the country's top economic planner said Friday.

The benchmark retail price of gasoline will be raised by 0.17 yuan (3 U.S. cents) per liter and diesel by 0.19 yuan per liter, the National Development and Reform Commission (NDRC) said in a statement on its website.

It will be the fifth price hike this year, according to the statement.

The NDRC last adjusted gasoline and diesel prices on July 20, raising the benchmark retail prices of gasoline and diesel by 0.24 yuan and 0.26 yuan per liter, respectively, the biggest increase since September 2012.

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 U.S. dollars) per tonne for gasoline and diesel over a period of 10 working days.