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China will raise retail gasoline and diesel prices by 6 percent to 7 percent from Tuesday, marking the biggest increase in 33 months, a move that will help refiners reduce heavy losses but is unlikely to hit demand in a big way.

 

Retail ceiling prices will rise 600 yuan ($95) per ton, oil company officials who received official notice of the change said. After the hike, diesel will be about $1.22 per liter and 90-octane gasoline $1.17.