China raises retail oil prices

China's top economic planner said on Thursday that it will raise the retail price per tonne of gasoline and diesel by 60 yuan (9.82 U.S. dollars) starting on Friday.

The adjustment, following a rise on Nov. 29, will see the benchmark retail price of gasoline increase by 0.04 yuan per liter and that of diesel rise by 0.05 yuan per liter, the National Development and Reform Commission said.

This will be the 14th adjustment since China introduced the new pricing regime. In total, the benchmark retail price of gasoline dropped by 295 yuan per tonne and that of diesel went down by 305 yuan per tonne.

Under the 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 10 working days.

On Nov. 29, the retail price per tonne of gasoline went up by 160 yuan and that of diesel climbed by 155 yuan.