Nation hikes petroleum prices

Beijing - China raised gasoline and diesel prices by 320 yuan ($47) per ton, or 4 to 5 percent, starting Wednesday.

The increase is the first price hike in five months and pushes domestic prices to new highs.

This equals a price hike of 0.24 yuan per liter of gasoline and 0.27 yuan per liter of diesel, said the National Development and Reform Commission (NDRC) late Tuesday.