The National Development and Reform Commission (NDRC) raised the prices of gasoline and diesel by 350 yuan ($53.2) per ton effective on February 20.

The adjustment was the first hike this year but the second one in the past two months. The benchmark retail price of gasoline was increased by 0.26 yuan ($0.04) per liter and diesel by 0.3 yuan ($0.045) per liter.

The statement on the NDRC website said the increase was in line with international oil price fluctuations, but the timing was "properly postponed" and that the hike was "limited," meaning the oil prices should have been higher than the adjustment.

Liu Zhenqiu, Deputy Director of the Department of Price of the NDRC, said that the government would continue to provide subsidies to low-income families, farmers, taxi drivers and other sectors that could be hurt by the price adjustment.