China will increase its benchmark retail prices of petrol and diesel as of midnight on Tuesday, state media said, reversing earlier cuts in the second fuel price adjustment this year.
The benchmark retail price of petrol will go up by 290 yuan (42 dollars) per tonne and diesel by 180 yuan per tonne, the Xinhua news agency reported late Tuesday.
The National Development and Reform Commission, China's top economic planner, cut benchmark pump prices of petrol and diesel by 140 yuan and 160 yuan per tonne respectively in January, Xinhua said.
China's government-set fuel prices used to be changed only rarely, the report said, so Chinese drivers ended up paying more than those in many other countries.
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