China to raise fuel prices

BEIJING: China said it would raise the retail prices of diesel and petrol by up to 0.26 yuan a litre (14 cents a US gallon) from Wednesday as rising crude prices increase pressure on the country's refineries.

Petrol prices would go up by 0.22 yuan per litre and diesel by 0.26 yuan per litre, the official Xinhua news agency said, citing the National Development and Reform Commission, the main economic planning body.

The move reverses cuts of the same amount introduced in October, which were the first price reductions in China since June 1, 2010.

China is the the biggest energy consumer in the world, and the second biggest consumer of oil.