China raises retail oil prices
This is the third time that China has raised its fuel prices this year. [Photo: bandao.cn]
Fuel prices are up once again in China.
Both Gasoline and diesel prices will rise by around 0.16-yuan per liter.
This should cost drivers 8-yuan more - on average - every time they fill up their tanks.
Chinese authorities adjust the prices every 10 working days if international crude prices move by more than 50-yuan per tonne during that period.
This fuel price hike is in line with oil price upswings on the international market, influenced by factors including increasing demand from U.S. firms, the shutdown of one of Libya's major oilfields over the weekend and growing tension in the North African country.