China to raise gasoline, diesel retail prices, first time this year

China will raise the retail prices of refined oil products based on an increase in international oil prices, the country's top economic planner said Sunday.

Starting Monday, gasoline prices will be increased by 120 yuan (about 17 U.S. dollars) per ton, while diesel prices will increase by 110 yuan per ton, the National Development and Reform Commission (NDRC) said.

It is the first hike for oil prices so far this year.

Last month, the country kept domestic gasoline and diesel prices unchanged as the international crude prices are still lower than the "floor rates" of 40 U.S. dollars per barrel.

Under the current pricing mechanism, China will adjust domestic prices of refined oil products when international crude prices translate into a change of more than 50 yuan per ton for gasoline and diesel over a period of 10 working days, but will not do so if the international prices go below the floor of 40 U.S. dollars or above the ceiling of 130 U.S. dollars a barrel.