China's top economic planner -- the National Development and Reform Commission -- announced a hike in oil prices on Tuesday. The increase that takes effect Wednesday is the first after six rounds of suspending this year. 

The NDRC says gasoline prices will increase 165 yuan per ton, while diesel moves to 160 yuan per ton. Crude prices have held at 44 to 45 U.S. dollars per barrel for the past 10 working days, triggering the hike in China. Some analysts say that China's better than expected first-quarter economic data stimulated global oil prices.