China increases fuel prices

China increases fuel prices

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The retail prices of gasoline have been raised by China by 390 yuan per ton and diesel by 370 yuan per ton on August 10, 2012. The recent move is the third such increase in a year due to a rebound in the International crude oil prices.

The National Development and Reform Commission said in a statement on its website that the benchmark retail price of gasoline will be lifted by 0.29 yuan per litre and diesel by 0.32 yuan per litre. According to the China’s oil pricing system introduced in 2009, the domestic fuel prices might be adjusted when the international crude oil prices change by more than 4 percent over 22 working days.