China raises retail fuel prices for third time this year

BEIJING — China will lift the retail prices of both gas and diesel for the third time this year from Thursday, amid a rally in global oil prices, the country's top economic planner announced Wednesday.

Gasoline prices will rise by 200 yuan (about $29) per metric ton and the diesel price will be lifted by 190 yuan per ton, the largest price hike this year, according to the National Development and Reform Commission (NDRC).

This fuel price hike is in line with oil price upswings on the international market, influenced by factors including increasing demand from US firms, the shutdown of one of Libya's major oilfields over the weekend and growing tension in the North African country, according to the NDRC price monitoring center.

China adjusts domestic retail oil prices when international crude prices change by more than 50 yuan per ton in a 10 working-day period.

This is the third time this year that China has lifted retail fuel prices, leading to an accumulated gas and diesel price increase of 320 yuan and 310 yuan per ton respectively.