The Wall Street Journal - China will raise retail gasoline and diesel prices Saturday by about 4%, the National Development and Reform Commission said Friday.
Gasoline and diesel prices will be increased by 325 yuan ($53) and CNY310 a metric ton, respectively, the NDRC said in a statement on its website.
This represents increases of 3.6% and 3.8% respectively over current average gasoline and diesel retail ceiling benchmarks of CNY8,945/ton and CNY8,135/ton.
The price ceiling varies by geographic location in China.
The NDRC last adjusted gasoline and diesel prices on July 6, cutting them by CNY80 and CNY75/ton to reflect falling international oil prices.
Under China's oil-product pricing system, which was reformed in March, domestic fuel prices may be adjusted when the moving average of a basket of international crude over a period of 10 working days reflects a change of more than CNY50/ton for diesel and gasoline prices.