Gasoline and diesel prices raised

BEIJING - China raised the ceiling for retail gasoline and diesel prices for the first time this year on Wednesday in tandem with international crude oil hikes.

Average fuel prices increased as much as 3.65 percent, with gasoline and diesel rising by 300 yuan ($47.55) a metric ton each. That equals 0.22 yuan a liter for gasoline and 0.26 yuan a liter for diesel, the National Development and Reform Commission (NDRC), the country's top economic planner, said on Tuesday.

After the increase, domestic gasoline prices on average will be capped at 9,380 yuan a ton, while diesel will reach 8,530 yuan a ton. It's the first time retail gasoline and diesel prices have been adjusted since Oct 9, when the NDRC cut prices by about 3 percent, following two hikes earlier in 2011.