China has raised gasoline and diesel benchmark retail prices by 400 yuan per tonne as of Monday. That means the price for gasoline is now up by 7 percent and that of diesel-- 8 percent. This the third adjustment so far this year.

The top economic planner is urging oil producing giants, PetroChina and Sinopec, to step up production to meet demand. The National Development and Reform Commission is also calling on local pricing regulators to strengthen supervision over oil prices, and a crack-down on those who violate pricing regulations.