China raises retail oil price

China's top economic planner announced it will raise the retail price of gasoline by 255 yuan about (41.71 U.S. dollars) per tonne and that of diesel by 245 yuan.

The adjustment, effective on Tuesday, means retail prices will rise by 0.19 yuan per liter for gas and 0.21 yuan per liter for diesel, according to the National Development and Reform Commission (NDRC).

This is the fifth price hike since the beginning of this year, according to China's (Xinhua) News Agency.

The NDRC said the increase followed gains in international oil prices due to a tense geo-political situation in the Middle East and a weakening dollar.

China has a pricing regime which adjusts domestic fuel prices when international crude prices change by more than 50 yuan per tonne during a time span of 10 working days.