China hikes retail fuel prices, first in 8 months

BEIJING: China will raise retail prices of gasoline by 290 yuan ($46) per tonne and of diesel by 280 yuan from Tuesday, the first increase in eight months, after global oil prices recovered some 20 percent in the past two weeks.

The National Development and Reform Commission, or China's top planner, posted the statement of the price adjustment on its website on Monday.

The increase followed a string of price cuts since July that had slashed Chinese retail fuel rates by about a third.

Taking advantage of steep falls in global oil markets, the central government raised twice the consumption fuel tax for gasoline and diesel in late 2014.