China's National Development and Reform Commission has just announced an increase in retail prices of gas and diesel. The retail price for gasoline will rise by 230 yuan per tonne, roughly 3 percent. While the retail price of diesel will be 220 yuan per tonne more.

At present, domestic refined oil prices are adjusted when international crude changes more than 4 percent over 22 working days. The move is the first increase since April. It will be effective Tuesday.