China To Raise Gasoline, Diesel, Jet Fuel Prices

China's top economic planner has said Beijing will raise the prices of gasoline, diesel and aviation kerosene by 500 yuan ($66.97) per ton starting from Nov 1, the official Xinhua news agency said on Wednesday.

The increase, the first for diesel and gasoline since May 2006, aimed to close the gap between soaring international crude markets and China's state-set refined product prices, Xinhua quoted the National Development and Reform Commission as saying.

The adjustment came as China faced its worst fuel crisis in over two years, with diesel shortages and rationing sparked by the price imbalance reaching the capital and spreading inland.