BEIJING — China will raise the retail prices of gasoline and diesel beginning June 29, the country's top economic planner said on June 28.

Gasoline price will go up by 120 yuan ($17) per metric ton, while that of diesel will increase by 110 yuan per ton, the National Development and Reform Commission said.

It is the first hike for oil prices so far this year.

Under the current pricing mechanism, China will adjust domestic prices of refined oil products when international crude prices translate into a change of more than 50 yuan per ton for gasoline and diesel over a period of 10 working days, but will not do so if the international prices go below the floor of $40 or above the ceiling of $130 a barrel.