Everyone seems to be concerned about the China’s economy and they should as it happens to be the largest consumer of almost everything in the world.

Sluggish economic growth in China means lower demand and import by China which eventually affects stock markets and commodities markets globally. China’s another move is in the limelight and creating concerns among economists and analysts. The world’s second largest economy has increased its retail prices for gasoline and diesel for the second time in this year. Gasoline prices have been increased by 6.4 percent while rise of 7 percent has been seen in diesel retail prices.

The National Development and Reform Commission recently announced that it will increase the gas and diesel prices by 600 yuan to 9,980 yuan per ton while diesel prices will be increased to 9,130 yuan. At New York Mercantile Exchange crude oil prices have increased by 9.1 percent in the year 2012 which is the main reason behind the China’s decision.