China to raise fuel retail prices from Friday

China will raise the retail prices of gasoline and diesel from Friday, the country's top economic planner said on Thursday.

Based on recent changes in international oil prices, the retail prices of gasoline and diesel will be raised by 205 yuan (about 31.24 US dollars) and 200 yuan per ton, respectively, according to the National Development and Reform Commission.

The move marks the eighth fuel price increase this year.

Under the current pricing mechanism, if international crude oil prices change by more than 50 yuan per ton and remain at that level for 10 working days, the prices of refined oil products such as gasoline and diesel in China will be adjusted accordingly.