China Increases Fuel Prices Second Time in Two Months

China, the world’s largest oil consumer after the U.S., increased gasoline and diesel prices for the second time in less than six weeks after crude gained last month the most in a year.

Prices will rise by 600 yuan ($95) a metric ton starting today after the three crude grades tracked by the National Development and Reform Commission climbed more than 10 percent, according to a statement on the planning agency’s website yesterday. Refiners will charge 7 percent more for gasoline and 7.8 percent more for diesel, the biggest price increases in more than two years, according to data compiled by Bloomberg.