China has increased the retail¹ price of gasoline and diesel² to record highs, after a rise in global crude costs.

继全球原油价格上涨之后，中国亦将汽油和柴油零售价格提至新高。

The increase will be 5-5.5%, according to the National Development and Reform Commission.

The move is aimed at easing pressure on state refiners who are struggling with international oil prices at two and a half year highs.

But analysts³ say inflation worries have kept the government from increasing prices too much.
'Too late'

"The hike is not enough and too late," said Brynjar Bustnes, head of the Asia-Pacific oil and gas equity⁴ research at JP Morgan.

"The only way to control oil product demand is through higher prices".

China has been battling inflation, with consumer prices rising 4.9% in February from the same month a year ago.

That is above the maximum target of 4% inflation this year.

The country has been taking measures to rein⁵ in that high inflation without hurting economic growth.

The increase in the price of fuel comes only a day after the Chinese central bank raised interest rates for the fourth times since October.