BEIJING — China will raise the retail prices of gasoline and diesel starting Aug 22, the country's top economic planner said Aug 21.

The price of gasoline will go up by 85 yuan (about $12.3) per metric ton, while that of diesel will increase by 80 yuan, according to the National Development and Reform Commission.

This is the third price hike this year. The prices of both fuels were raised by 100 yuan per ton in July.

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.