China raises gasoline, diesel prices 6-7 pct

BEIJING, May 31 (Reuters) - China will raise retail diesel and gasoline prices by 400 yuan ($58.59) per tonne, or 6-7 percent, from Monday, the National Development and Reform Commission said in a statement on Sunday.

"Based on the refined oil products price-setting mechanism, the decision was taken to raise the price of gasoline and diesel, but after taking related factors into account, it was considered appropriate to reduce the size of the price adjustment," the NDRC said in a statement on its website.

The price change will come into effect at midnight local time (1600 GMT) ($1=6.827 Yuan)

(Reporting by Tom Miles; Editing by Erica Billingham)