China raises retail oil prices

China's top economic planner announced on Thursday that it will raise the per-tonne retail price of gasoline by 155 yuan (25.33 U.S. dollars) and diesel by 145 yuan as of Friday.

The increase will see benchmark retail prices of gasoline go up by 0.11 yuan per liter and diesel increase by 0.12 yuan per liter, the National Development and Reform Commission said in a statement.

The commission attributed the increase to rising international oil prices.

Under China's new pricing regime, which came into effect in March 2013, domestic fuel prices are adjusted when international crude costs reflect a change of more than 50 yuan per tonne for gasoline and diesel over a period of 10 working days.