China Raises Fuel Prices After Crude Oil Climbs Above $100

China, Asia’s biggest oil consumer, increased retail gasoline and diesel prices for the first time this year, aiding state refiners under pressure from $100 crude. Shares in China Petroleum & Chemical Corp., the nation’s biggest refiner, climbed 1.4 percent in Shanghai. The company’s Hong Kong-listed shares dropped 2.3 percent as analysts said the increase in government-controlled prices won’t be enough to offset refining losses. “The price hike will offset some of the cost pressure on state refiners,” Yin Xiaodong, chief oil analyst at Citic Securities Co., said by telephone from Beijing. “The government should increase fuel prices by 500 yuan...