China will raise gasoline and diesel prices by 600 yuan (about US$87.8) per tonne as of 12am today, the National Development and Reform Commission (NDRC) announced Monday.

China Petroleum & Chemical Corporation in Beijing last night raised the price of unleaded gasoline from 5.89 yuan per liter to 6.37, last year’s highest recorded price, premium gasoline from 6.27 yuan per liter to 6.78, and the price of diesel raised from 5.76 yuan per liter to 6.28.

It is the third time oil prices increased in the last four months. According to the NDRC the increase was due to the rising international crude prices under the country's new fuel pricing mechanism, which took effect January 1.