Fuel hikes reflect market

BEIJING - Gasoline and diesel retail prices will rise by around 4 percent on Wednesday, reflecting global market fluctuations, but officials and researchers said the increases will have only a limited effect on inflation.

The National Development and Reform Commission (NDRC), the country's top economic planner, said on Tuesday that gasoline prices would go up by 310 yuan ($46.55) per ton, and diesel prices by 300 yuan per ton. Following the adjustments, gasoline prices are now 7,730 yuan per ton with diesel trading at 6,980 yuan per ton.

Liu Zhenqiu, vice-director of the NDRC's price department, said the impact of the price hikes on consumer prices will be limited.