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China Raises Oil Prices

Effect likely to be detrimental to economy, predict experts...

China has raised the retail prices of gasoline to reflect prices hikes on the international market.

The National Development and Reform Commission raised benchmark gasoline rates by 300 yuan (US$36.30) a ton, or 8 per cent, but kept prices of diesel unchanged.

The price rise is likely to add further weight to inflation pressures on the economy, experts said.

In Beijing, retail gasoline prices rose to a four-year high on Wednesday.