HONG KONG (MarketWatch) -- China announced increases in retail gasoline and diesel prices, a move that will see prices at the pump rise by 3.3% and 3.6%, respectively, above current retail ceiling benchmarks, according to calculations by The Wall Street Journal that were based on a late Tuesday announcement by the National Development and Reform Commission. In spite of the price hikes, Chinese consumers will still be shielded from paying full energy prices, although the hikes should help bring retail charges into closer alignment with those quoted on international markets. Gasoline and diesel prices will rise by 300 yuan ($47.54) per metric ton, effective from midnight Wednesday, China's top economic planning body said in a statement. Ahead of the announcement, the average retail ceiling benchmarks for gasoline and diesel were 9,080 yuan per metric ton and 8,230 per metric ton, respectively.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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