(RTTNews) - China on Wednesday hiked the retail prices of gasoline and diesel.
The anticipated measure comes amid mounting pressure for the country's refineries, which face high operation costs due to increasing international crude oil futures prices.
The benchmark retail price of gasoline was hiked by 0.22 yuan ($ 0.03) per liter and diesel by 0.26 yuan ($ 0.04) per liter, according to the National Development and Reform Commission (NDRC).
An oil pricing system introduced in May 2009 allows NDRC to adjust domestic petrol, diesel and gas prices when average prices for Brent, Cinta, and Dubai crude oil move by four percent within a space of 22 consecutive working days.
Easing domestic inflation also prompted NDRC for adjustment, China's state-run Xinhua news agency reported.
This is the first revision in oil price in four months. On October 8, NDRC announced the first price cut in 16 months after the country's fuel prices reached record highs.
