BEIJING, Jan. 3 -- China will raise the retail prices of gasoline and diesel from Wednesday, based on the recent rise in international oil prices.

Gasoline and diesel prices will be up by 250 yuan (about 36 U.S. dollars) per tonne and 240 yuan per tonne, respectively, the National Development and Reform Commission said in a Tuesday statement.

The commission predicts that the international market will continue to see fluctuations in the short term.

Under the current pricing mechanism, the prices of refined oil products are adjusted in accordance with international crude oil price changes. The commission had cut retail prices on three consecutive occasions before the latest hike.

China's oil companies will continue to ensure a stable supply in the domestic market, according to the statement.