China to raise retail fuel prices

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

The benchmark retail prices of gasoline and diesel will rise by 0.07 yuan (1.1 cent) per liter, the National Development and Reform Commission (NDRC) said in a statement on its website.

The new price represents an increase of 90 yuan and 85 yuan per ton for gasoline and diesel prices, respectively, said the NDRC.

The NDRC recently raised gasoline and diesel prices on July 20 and August 31, making Friday's hike the third in two months.

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 per ton for gasoline and diesel over a period of 10 working days.

Global oil prices have climbed since the beginning of the month on concerns over the situation in Syria.

Light, sweet crude for October delivery settled at $110.53 per barrel on the New York Mercantile Exchange on September 6, the highest in more than two years. Brent crude for October delivery hit a six-month high of $116.61 per barrel on the same day.