BEIJING, Apr. 7 -- China's National Development and Reform Commission (NDRC) announced late Wednesday that it has raised gasoline and diesel fuel prices by around 6%, with immediate effect.

The increases were CNY500 per ton for gasoline and CNY400 per ton for diesel.

It was the third price increase in less than half a year. The NDRC raised gasoline and diesel prices on December 21 by around 4%.

The NDRC cited the impact of Libya and Japan on prices as the reasoning behind the increases. Oil prices have hit their highest levels since late 2008, with brent quoted at $121.86 per barrel in the Asian morning session.

The NDRC also said the price hikes will help curb the rapid increase in demand for oil.

China's Consumer Price Index rose 4.9% y/y in February.

The National Bureau of Statistics is due to release first quarter economic data on April 15.