China will raise domestic retail prices of petrol and diesel from Saturday, the state planner has said, as the escalation of the US-Iran conflict lifts global oil prices.

Caps for domestic retail petrol and diesel prices will go up by 300 yuan ($44.28) per metric ton and 290 yuan per metric ton, respectively, the National Development and Reform Commission has said, citing upward swings in global crude oil prices as reasons for adjustments.